{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "dln": "http://www.derwentlondon.com/20251231", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://www.derwentlondon.com/xbrl/2025/213800BXKQ9KZNUR1M61-2025-12-31.xsd" ] }, "facts": { "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00164": { "value": "London", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00167": { "value": "We apply our asset management and regeneration skills to the Group\u2019s 5.3m sq ft property portfolio using our people, relationships and \ufb01nancial resources to add value and grow income.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00168": { "value": "2025-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00163": { "value": "Derwent London plc ", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00170": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00166": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00169": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "GroupIncomeStatement_Label_002": { "value": "406300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RevenueAndOperatingIncome", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_Label_001": { "value": "276900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RevenueAndOperatingIncome", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_Label_0012": { "value": "199600000.0", "decimals": -5, "dimensions": { "concept": "dln:NetPropertyAndOtherIncome", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_Label_0011": { "value": "198300000.0", "decimals": -5, "dimensions": { "concept": "dln:NetPropertyAndOtherIncome", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0014": { "value": "39100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0013": { "value": "41100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdministrativeExpense", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_Label_0015": { "value": "52200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnFairValueAdjustmentInvestmentProperty", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_Label_0016": { "value": "-2700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnFairValueAdjustmentInvestmentProperty", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_Label_0017": { "value": "-2200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfInvestments", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_Label_0018": { "value": "1900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnDisposalsOfInvestments", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0020": { "value": "210500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0019": { "value": "156400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossFromOperatingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_Label_0022": { "value": "2100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_Label_0021": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceIncome", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0026": { "value": "50500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_0025": { "value": "39900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:FinanceCosts", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_Label_0028": { "value": "-600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_Label_0027": { "value": "-2300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:GainsLossesOnChangeInFairValueOfDerivatives", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_Label_0034": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_Label_0033": { "value": "1500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0036": { "value": "161500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_0035": { "value": "116000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLossBeforeTax", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_00141": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_NegatedLabel_00142": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxExpenseContinuingOperations", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_00275": { "value": "161100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_TotalLabel_00274": { "value": "115900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupIncomeStatement_Label_0037": { "value": "1.4353", "decimals": 4, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "GroupIncomeStatement_Label_0038": { "value": "1.0324", "decimals": 4, "dimensions": { "concept": "ifrs-full:BasicEarningsLossPerShare", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "GroupIncomeStatement_Label_0040": { "value": "1.4351", "decimals": 4, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "GroupIncomeStatement_Label_0039": { "value": "1.0293", "decimals": 4, "dimensions": { "concept": "ifrs-full:DilutedEarningsLossPerShare", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "GroupStatementOfComprehensiveIncome_Label_0045": { "value": "161100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfComprehensiveIncome_Label_0046": { "value": "115900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfComprehensiveIncome_Label_0047": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfComprehensiveIncome_Label_0048": { "value": "-400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfComprehensiveIncome_Label_0050": { "value": "4500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfComprehensiveIncome_Label_0049": { "value": "2900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeBeforeTaxGainsLossesOnRevaluation", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfComprehensiveIncome_NegatedLabel_0051": { "value": "1100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToChangesInRevaluationSurplusOfOtherComprehensiveIncome", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfComprehensiveIncome_NegatedLabel_0052": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxRelatingToChangesInRevaluationSurplusOfOtherComprehensiveIncome", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfComprehensiveIncome_TotalLabel_0053": { "value": "3400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfComprehensiveIncome_TotalLabel_0054": { "value": "1900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfComprehensiveIncome_TotalLabel_0055": { "value": "164500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "GroupStatementOfComprehensiveIncome_TotalLabel_0056": { "value": "117800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0057": { "value": "4828600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentProperty", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0058": { "value": "4670100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InvestmentProperty", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0060": { "value": "68100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0059": { "value": "52000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PropertyPlantAndEquipment", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_00253": { "value": "1800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_00252": { "value": "1800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentRecognisedAssetsDefinedBenefitPlan", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_00277": { "value": "203200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentReceivables", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_00276": { "value": "201000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherNoncurrentReceivables", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_TotalLabel_00279": { "value": "5101700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_TotalLabel_00278": { "value": "4924900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssets", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0061": { "value": "32900000.0", "decimals": -5, "dimensions": { "concept": "dln:TradingProperty", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0062": { "value": "115700000.0", "decimals": -5, "dimensions": { "concept": "dln:TradingProperty", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0063": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "dln:TradingStock", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0064": { "value": "17500000.0", "decimals": -5, "dimensions": { "concept": "dln:TradingStock", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0066": { "value": "46700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0065": { "value": "57800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentReceivables", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_00159": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_00160": { "value": "600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentDerivativeFinancialAssets", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_00162": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_00161": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentTaxAssetsCurrent", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_00264": { "value": "131700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_00265": { "value": "71400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_TotalLabel_00314": { "value": "212000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_TotalLabel_00315": { "value": "263400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentAssets", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0067": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0068": { "value": "25700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_TotalLabel_0070": { "value": "5313700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_TotalLabel_0069": { "value": "5214000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Assets", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0072": { "value": "231600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0071": { "value": "194100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ShorttermBorrowings", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0073": { "value": "500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0074": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLeaseLiabilities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0075": { "value": "168000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0076": { "value": "174700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:TradeAndOtherCurrentPayables", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_00143": { "value": "100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherShorttermProvisions", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_00144": { "value": "200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherShorttermProvisions", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_TotalLabel_00158": { "value": "400200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_TotalLabel_00157": { "value": "369400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CurrentLiabilities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0077": { "value": "1255000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0078": { "value": "1269400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:LongtermBorrowings", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0079": { "value": "40500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0080": { "value": "34200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLeaseLiabilities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0082": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherLongtermProvisions", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0081": { "value": "400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherLongtermProvisions", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0083": { "value": "2300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetDeferredTaxLiabilities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0084": { "value": "800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetDeferredTaxLiabilities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_TotalLabel_0085": { "value": "1298200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_TotalLabel_0086": { "value": "1304800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NoncurrentLiabilities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_TotalLabel_0088": { "value": "1698400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_TotalLabel_0087": { "value": "1674200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Liabilities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_TotalLabel_0089": { "value": "3615300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_TotalLabel_0090": { "value": "3539800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:NetAssetsLiabilities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0091": { "value": "5600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0092": { "value": "5600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IssuedCapital", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0094": { "value": "196600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0093": { "value": "196600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:SharePremium", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0095": { "value": "947300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0096": { "value": "943200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherReserves", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0097": { "value": "2465800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_Label_0098": { "value": "2394400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RetainedEarnings", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_TotalLabel_00100": { "value": "3615300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "BalanceSheets_TotalLabel_0099": { "value": "3539800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00172": { "value": "The \ufb01nancial statements were approved by the Board of Directors and authorised for issue on 25 February 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "StatementsOfChangesInEquity_PeriodStartLabel_00109": { "value": "5600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_PeriodStartLabel_00104": { "value": "196600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_PeriodStartLabel_00105": { "value": "943200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_PeriodStartLabel_00110": { "value": "2394400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_PeriodStartLabel_00106": { "value": "3539800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00120": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00118": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00114": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00115": { "value": "161100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00113": { "value": "161100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00130": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00124": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00129": { "value": "3400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00123": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00122": { "value": "3400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00133": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00137": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00135": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00138": { "value": "1200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00134": { "value": "1900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_NegatedLabel_00152": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_NegatedLabel_00154": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_NegatedLabel_00148": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_NegatedLabel_00151": { "value": "90900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_NegatedLabel_00147": { "value": "90900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_PeriodEndLabel_00312": { "value": "5600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_PeriodEndLabel_00306": { "value": "196600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_PeriodEndLabel_00307": { "value": "947300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_PeriodEndLabel_00311": { "value": "2465800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_PeriodEndLabel_00308": { "value": "3615300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_PeriodStartLabel_00101": { "value": "5600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_PeriodStartLabel_00107": { "value": "196600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_PeriodStartLabel_00103": { "value": "939300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_PeriodStartLabel_00108": { "value": "2367300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_PeriodStartLabel_00102": { "value": "3508800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00111": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00116": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00112": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00119": { "value": "115900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00117": { "value": "115900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00125": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00128": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00127": { "value": "2300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00121": { "value": "-400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00126": { "value": "1900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00139": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00136": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00131": { "value": "1600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00140": { "value": "1400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_Label_00132": { "value": "3000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_NegatedLabel_00150": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_NegatedLabel_00156": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_NegatedLabel_00153": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_NegatedLabel_00155": { "value": "89800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_NegatedLabel_00149": { "value": "89800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaid", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_PeriodEndLabel_00309": { "value": "5600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_PeriodEndLabel_00310": { "value": "196600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_PeriodEndLabel_00304": { "value": "943200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_PeriodEndLabel_00313": { "value": "2394400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:GBP" } }, "StatementsOfChangesInEquity_PeriodEndLabel_00305": { "value": "3539800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_Label_00255": { "value": "272500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_Label_00254": { "value": "102600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperations", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_Label_00256": { "value": "1300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_Label_00257": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_NegatedLabel_00258": { "value": "45500000.0", "decimals": -5, "dimensions": { "concept": "dln:InterestAndOtherFinanceCostsPaidClassifiedAsOperatingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_NegatedLabel_00259": { "value": "38300000.0", "decimals": -5, "dimensions": { "concept": "dln:InterestAndOtherFinanceCostsPaidClassifiedAsOperatingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_NegatedLabel_00266": { "value": "300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_NegatedLabel_00267": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_TotalLabel_00268": { "value": "228000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_TotalLabel_00269": { "value": "64600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_NegatedLabel_004": { "value": "13700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfInvestmentProperty", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_NegatedLabel_003": { "value": "47000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfInvestmentProperty", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_NegatedLabel_0031": { "value": "149100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsForDevelopmentProjectExpenditure", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_NegatedLabel_0032": { "value": "139900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsForDevelopmentProjectExpenditure", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_Label_0041": { "value": "79100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentProperty", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_Label_0042": { "value": "85500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromSalesOfInvestmentProperty", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_NegatedLabel_0044": { "value": "10000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_NegatedLabel_0043": { "value": "1600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_NegatedLabel_00270": { "value": "3000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsInvestingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_NegatedLabel_00271": { "value": "-1100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncomeTaxesPaidRefundClassifiedAsInvestingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_TotalLabel_00316": { "value": "-96700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_TotalLabel_00317": { "value": "-101900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_Label_0023": { "value": "247900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_Label_0024": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfBondsNotesAndDebentures", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_Label_0029": { "value": "-110500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_Label_0030": { "value": "26500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInIncreaseDecreaseInCurrentBorrowings", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_Label_00145": { "value": "82500000.0", "decimals": -5, "dimensions": { "concept": "dln:DrawdownOfTermBankLoansClassifiedAsFinancialActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_Label_00146": { "value": "182500000.0", "decimals": -5, "dimensions": { "concept": "dln:DrawdownOfTermBankLoansClassifiedAsFinancialActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_NegatedLabel_00260": { "value": "3900000.0", "decimals": -5, "dimensions": { "concept": "dln:PaymentOfArrangementFeesClassifiedAsFinancingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_NegatedLabel_00261": { "value": "700000.0", "decimals": -5, "dimensions": { "concept": "dln:PaymentOfArrangementFeesClassifiedAsFinancingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_NegatedLabel_00288": { "value": "20000000.0", "decimals": -5, "dimensions": { "concept": "dln:RepaymentOfOtherLoanClassifiedAsFinancingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_NegatedLabel_00287": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "dln:RepaymentOfOtherLoanClassifiedAsFinancingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_NegatedLabel_00319": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_NegatedLabel_00318": { "value": "83000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_NegatedLabel_00322": { "value": "175000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:RepaymentsOfBondsNotesAndDebentures", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_NegatedLabel_00323": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:RepaymentsOfBondsNotesAndDebentures", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_NegatedLabel_00324": { "value": "1200000.0", "decimals": -5, "dimensions": { "concept": "dln:SettlementOfDerivativeClassifiedAsFinancingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_NegatedLabel_00325": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "dln:SettlementOfDerivativeClassifiedAsFinancingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_NegatedLabel_00327": { "value": "90800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_NegatedLabel_00326": { "value": "89600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_TotalLabel_00329": { "value": "-71000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_TotalLabel_00328": { "value": "35700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_TotalLabel_005": { "value": "60300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_TotalLabel_006": { "value": "-1600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_PeriodStartLabel_008": { "value": "71400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_PeriodStartLabel_007": { "value": "73000000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_PeriodEndLabel_0010": { "value": "131700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatements_PeriodEndLabel_009": { "value": "71400000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatementsParentheticals_Label_00273": { "value": "14100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "CashFlowStatementsParentheticals_Label_00272": { "value": "11200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:AdjustmentsForFinanceCosts", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00173": { "value": "1\u2002Basis of preparation
The consolidated \ufb01nancial statements have been prepared in accordance with UK-adopted International Accounting Standards, (the
\u201capplicable framework\u201d), and have been prepared in accordance with the requirements of the Companies Act 2006 as applicable to
companies reporting under those standards. The \ufb01nancial statements have been prepared under the historical cost convention as
modi\ufb01ed by the revaluation of investment properties, the revaluation of property, plant and equipment, assets held for sale, pension
scheme, and \ufb01nancial assets and liabilities held at fair value through pro\ufb01t and loss.
These \ufb01nancial statements have been presented in Pounds Sterling, which is the functional currency of the Group, to the nearest
million.
The \ufb01nancial statements of Derwent London plc (the \u201cCompany\u201d) have been prepared under FRS 101 and can be found on pages 276
to 283.
As with most other UK property companies and real estate investment trusts (\u2018REITs\u2019), the Group presents many of its \ufb01nancial
measures in accordance with the guidance criteria issued by the European Public Real Estate Association (\u2018EPRA\u2019). These measures,
which provide consistency across the sector, are all derived from the IFRS \ufb01gures in note 37.
Going concern
The Board continues to adopt the going concern basis in preparing these consolidated \ufb01nancial statements. In considering this
requirement, the Directors have taken into account the following:
\ue001
The Group\u2019s latest rolling forecast for the next two years, in particular the cash \ufb02ows, borrowings and undrawn facilities, including
the \u2018severe but plausible\u2019 downside case.
\ue001
The headroom under the Group\u2019s \ufb01nancial covenants.
\ue001
The risks included on the Group\u2019s risk register that could impact on the Group\u2019s liquidity and solvency over the 12 months from the
date of signing of these consolidated \ufb01nancial statements.
\ue001
The risks on the Group\u2019s risk register that could be a threat to the Group\u2019s business model and capital adequacy.
The Directors have considered the relatively long-term and predictable nature of the income receivable under the tenant leases, the
Group\u2019s year-end loan-to-value ratio for 2025 of 29.4%, the interest cover ratio of 306%, the \u00a3627m total of undrawn facilities and cash
and the fact that the average maturity of borrowings was 4.2 years at 31 December 2025. In the latter part of the year, the gradual
easing of cost in\ufb02ation and interest rates has been considered. The likely impact of climate change has been incorporated into the
Group\u2019s forecasts which have also taken account of a programme of EPC upgrades across the portfolio. Based on the year end
position, rental income would need to decline by 53% and property values would need to fall by 51% before breaching its \ufb01nancial
covenants.
In February 2026, \u00a355m of US private placement notes were repaid upon maturity. These notes, together with the \u00a3175m 6.5% secured
bonds maturing in March 2026, are classi\ufb01ed as current liabilities as at 31 December 2025. This has resulted in the Group being in a net
current liabilities position. However, the Group has signi\ufb01cant liquidity to fund its ongoing operations and, as noted above, has access
to \u00a3627m of available undrawn facilities and cash as at 31 December 2025. Additionally, in January 2026, the Group\u2019s \u00a382.5m
unsecured term loan, originally due to mature in February 2027, was extended by one year to February 2028. This provides the Directors
with a reasonable expectation that the Group will be able to meet these current liabilities as they fall due.
Having due regard to these matters and after making appropriate enquiries, the Directors have a reasonable expectation that the
Group has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing of these
consolidated \ufb01nancial statements and, therefore, the Directors continue to adopt the going concern basis in their preparation.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00174": { "value": "The consolidated \ufb01nancial statements have been prepared in accordance with UK-adopted International Accounting Standards, (the
\u201capplicable framework\u201d), and have been prepared in accordance with the requirements of the Companies Act 2006 as applicable to
companies reporting under those standards.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00175": { "value": "Going concern
The Board continues to adopt the going concern basis in preparing these consolidated \ufb01nancial statements. In considering this
requirement, the Directors have taken into account the following:
\ue001
The Group\u2019s latest rolling forecast for the next two years, in particular the cash \ufb02ows, borrowings and undrawn facilities, including
the \u2018severe but plausible\u2019 downside case.
\ue001
The headroom under the Group\u2019s \ufb01nancial covenants.
\ue001
The risks included on the Group\u2019s risk register that could impact on the Group\u2019s liquidity and solvency over the 12 months from the
date of signing of these consolidated \ufb01nancial statements.
\ue001
The risks on the Group\u2019s risk register that could be a threat to the Group\u2019s business model and capital adequacy.
The Directors have considered the relatively long-term and predictable nature of the income receivable under the tenant leases, the
Group\u2019s year-end loan-to-value ratio for 2025 of 29.4%, the interest cover ratio of 306%, the \u00a3627m total of undrawn facilities and cash
and the fact that the average maturity of borrowings was 4.2 years at 31 December 2025. In the latter part of the year, the gradual
easing of cost in\ufb02ation and interest rates has been considered. The likely impact of climate change has been incorporated into the
Group\u2019s forecasts which have also taken account of a programme of EPC upgrades across the portfolio. Based on the year end
position, rental income would need to decline by 53% and property values would need to fall by 51% before breaching its \ufb01nancial
covenants.
In February 2026, \u00a355m of US private placement notes were repaid upon maturity. These notes, together with the \u00a3175m 6.5% secured
bonds maturing in March 2026, are classi\ufb01ed as current liabilities as at 31 December 2025. This has resulted in the Group being in a net
current liabilities position. However, the Group has signi\ufb01cant liquidity to fund its ongoing operations and, as noted above, has access
to \u00a3627m of available undrawn facilities and cash as at 31 December 2025. Additionally, in January 2026, the Group\u2019s \u00a382.5m
unsecured term loan, originally due to mature in February 2027, was extended by one year to February 2028. This provides the Directors
with a reasonable expectation that the Group will be able to meet these current liabilities as they fall due.
Having due regard to these matters and after making appropriate enquiries, the Directors have a reasonable expectation that the
Group has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing of these
consolidated \ufb01nancial statements and, therefore, the Directors continue to adopt the going concern basis in their preparation.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00176": { "value": "2\u2002Changes in accounting policies
The principal accounting policies are described in note 40 and are consistent with those applied in the Group\u2019s \ufb01nancial statements for
the year to 31 December 2024, as amended to re\ufb02ect the adoption of new standards, amendments and interpretations which became
e\ufb00ective in the year as shown below.
New standards adopted during the year
The following standards, amendments and interpretations were e\ufb00ective for the \ufb01rst time for the Group\u2019s current accounting period
and had no material impact on the \ufb01nancial statements.
IAS 21 (amended) \u2013 Lack of Exchangeability.
Standards in issue but not yet e\ufb00ective
The following standards, amendments and interpretations were in issue at the date of approval of these \ufb01nancial statements but were
not yet e\ufb00ective for the current accounting period and have not been adopted early. Based on the Group\u2019s current circumstances the
Directors do not anticipate that their adoption in future periods will have a material impact on the \ufb01nancial statements of the Group.
IFRS 7 and IFRS 9 (amended) \u2013 Classi\ufb01cation and Measurement of Financial Instruments;
IFRS 7 and IFRS 9 (amended) \u2013 Contracts referencing Nature-dependent Electricity;
IFRS 19 \u2013 Subsidiaries without Public Accountability: Disclosures.
IFRS 18 \u2013 Presentation and Disclosure in Financial Statements was in issue at the date of approval of these \ufb01nancial statements but
not yet e\ufb00ective for the current reporting period and has not been adopted early. This standard will impact the presentation of
individual line items within the Group\u2019s consolidated \ufb01nancial statements, including related disclosures. The standard will be applied
for reporting periods beginning on or after 1 January 2027 and will also apply to comparative information. The Directors are currently
assessing the detailed implications.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00177": { "value": "3\u2002Signi\ufb01cant judgements, key assumptions and estimates
The preparation of \ufb01nancial statements in accordance with the applicable framework requires the use of certain signi\ufb01cant
accounting estimates and judgements. It also requires management to exercise judgement in the process of applying the Group\u2019s
accounting policies. The Group\u2019s signi\ufb01cant accounting policies are stated in note 40. Not all of these accounting policies require
management to make di\ufb03cult, subjective or complex judgements or estimates. Estimates and judgements are continually evaluated
and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable
under the circumstances. Although these estimates are based on management\u2019s best knowledge of the amount, event or actions,
actual results may di\ufb00er from those estimates. The following is intended to provide an understanding of the policies that
management consider critical because of the level of complexity, judgement or estimation involved in their application and their
impact on these consolidated \ufb01nancial statements.
Signi\ufb01cant judgement
Compliance with the REIT taxation regime
As a REIT, the Group bene\ufb01ts from tax advantages. Income and chargeable gains on the qualifying property rental business are
exempt from corporation tax. Income that does not qualify as property income within the REIT rules is subject to corporation tax in
the normal way. There are a number of tests that are applied annually, and in relation to forecasts, to ensure the Group remains well
within the limits allowed within those tests. The Group met all the criteria in 2025 in each case, thereby ensuring its REIT status is
maintained. The Directors intend that the Group should continue as a REIT for the foreseeable future.
Key source of estimation uncertainty
Property portfolio valuation
The Group uses the valuation carried out by external valuers as the fair value of its property portfolio. The valuation considers a range
of assumptions including future rental income, investment yields, anticipated outgoings and maintenance costs, future development
expenditure and appropriate discount rates. The external valuers also make reference to market evidence of transaction prices for
similar properties and take into account the impact of climate change and related environmental, social and governance
considerations. More information is provided in note 15, including sensitivity disclosures.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00178": { "value": "Key source of estimation uncertainty Property portfolio valuation The Group uses the valuation carried out by external valuers as the fair value of its property portfolio. The valuation considers a range of assumptions including future rental income, investment yields, anticipated outgoings and maintenance costs, future development expenditure and appropriate discount rates. The external valuers also make reference to market evidence of transaction prices for similar properties and take into account the impact of climate change and related environmental, social and governance considerations. More information is provided in note 15, including sensitivity disclosures.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00179": { "value": "Key source of estimation uncertainty
Property portfolio valuation
The Group uses the valuation carried out by external valuers as the fair value of its property portfolio. The valuation considers a range
of assumptions including future rental income, investment yields, anticipated outgoings and maintenance costs, future development
expenditure and appropriate discount rates. The external valuers also make reference to market evidence of transaction prices for
similar properties and take into account the impact of climate change and related environmental, social and governance
considerations. More information is provided in note 15, including sensitivity disclosures.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00182": { "value": "4\u2002Segmental information
IFRS 8 Operating Segments requires operating segments to be identi\ufb01ed on the basis of internal \ufb01nancial reports about components
of the Group that are regularly reviewed by the chief operating decision makers (which in the Group\u2019s case are the four Executive
Directors who are assisted by the other 13 members of the Executive Committee) in order to allocate resources to the segments and to
assess their performance.
The internal \ufb01nancial reports received by the Group\u2019s Executive Committee contain \ufb01nancial information at a Group level as a whole
and there are no reconciling items between the results contained in these reports and the amounts reported in the \ufb01nancial
statements. These internal \ufb01nancial reports include IFRS \ufb01gures but also report non-IFRS \ufb01gures for the EPRA earnings and net asset
value. Reconciliations of each of these \ufb01gures to their statutory equivalents are detailed in note 37. Additionally, information is
provided to the Executive Committee showing gross property income and property valuation by individual property. Therefore, for the
purposes of IFRS 8, each individual property is considered to be a separate operating segment in that its performance is monitored
individually.
The Group\u2019s property portfolio includes investment property, owner-occupied property and trading property and comprised 96% o\ufb03ce
buildings
1
by value at 31 December 2025 (2024: 95%). The Directors consider that these individual properties have similar economic
characteristics and therefore have been aggregated into a single reportable segment. The remaining 4% (2024: 5%) represented a
mixture of retail, residential and light industrial properties, as well as land, each of which is de minimis in its own right and below the
quantitative threshold in aggregate. Therefore, in the view of the Directors, there is one reportable segment under the provisions of
IFRS 8.
All of the Group\u2019s properties are based in the UK. No geographical grouping is contained in any of the internal \ufb01nancial reports
provided to the Group\u2019s Executive Committee and, therefore, no geographical segmental analysis is required by IFRS 8. However,
geographical analysis is included in the tables below to provide users with additional information regarding the areas contained in the
Strategic report. The majority of the Group\u2019s properties are located in London (West End central, West End borders/other and City
borders), with the remainder in Scotland (Provincial).
1
Some o\ufb03ce buildings have an ancillary element such as retail or residential.
Gross property income
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
O\ufb03ce
\u00a0 \u00a0
O\ufb03ce
\u00a0 \u00a0
\u00a0
buildings
Other
Total
buildings
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
West End central
130.2
2.1
132.3
126.9
2.2
129.1
West End borders/other
14.6
\u2013
14.6
17.0
\u2013
17.0
City borders
66.5
0.8
67.3
66.3
0.7
67.0
Provincial
\u2013
4.4
4.4
\u2013
4.5
4.5
Gross property income (excl. joint venture)
211.3
7.3
218.6
210.2
7.4
217.6
Share of joint venture gross property income
1
\u2013
\u2013
\u2013
1.9
\u2013
1.9
\u00a0
211.3
7.3
218.6
212.1
7.4
219.5
\n
1
See note 8 for further details.
A reconciliation of gross property income to gross property and other income is given in note 5.
Property portfolio
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
O\ufb03ce
\u00a0 \u00a0
O\ufb03ce
\u00a0 \u00a0
\u00a0
buildings
Other
Total
buildings
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Carrying value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
West End central
3,298.3
81.6
3,379.9
3,172.5
164.3
3,336.8
West End borders/other
262.9
\u2013
262.9
288.8
\u2013
288.8
City borders
1,153.0
6.2
1,159.2
1,136.5
6.1
1,142.6
Provincial
\u2013
113.0
113.0
\u2013
92.3
92.3
\u00a0
4,714.2
200.8
4,915.0
4,597.8
262.7
4,860.5
Fair value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
West End central
3,445.3
82.5
3,527.8
3,307.7
165.4
3,473.1
West End borders/other
273.2
\u2013
273.2
301.7
\u2013
301.7
City borders
1,172.5
6.2
1,178.7
1,167.3
6.1
1,173.4
Provincial
\u2013
114.2
114.2
\u2013
92.9
92.9
\u00a0
4,891.0
202.9
5,093.9
4,776.7
264.4
5,041.1
\nA reconciliation between the fair value and carrying value of the portfolio is set out in note 15.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00184": { "value": "5\u2002Property and other income \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Gross rental income
218.3
214.8
Surrender premiums received
0.3
2.7
Other property income
\u2013
0.1
Gross property income
218.6
217.6
Trading property sales proceeds
1
118.1
3.7
Trading stock sales proceeds
1
17.8
\u2013
Service charge income
1
46.9
50.5
Other income
1
4.9
5.1
Gross property and other income
406.3
276.9
Gross rental income
218.3
214.8
Movement in impairment of receivables
(0.5)
(0.2)
Movement in impairment of prepayments
(1.4)
(0.2)
Service charge income
1
46.9
50.5
Service charge expenses
(53.5)
(57.1)
\u00a0
(6.6)
(6.6)
Property costs
(19.8)
(18.2)
Net rental income
190.0
189.6
Trading property sales proceeds
1
118.1
3.7
Trading property cost of sales
(113.9)
(3.7)
Pro\ufb01t on trading property disposals
4.2
\u2013
Trading stock sales proceeds
1
17.8
\u2013
Trading stock cost of sales
(17.8)
\u2013
Result on trading stock disposals
\u2013
\u2013
Other property income
\u2013
0.1
Other income
1
4.9
5.1
Net surrender premiums received
0.3
2.7
Dilapidation receipts
0.2
0.8
Net property and other income
199.6
198.3
\n
1
In line with IFRS 15 Revenue from Contracts with Customers, the Group recognised a total of \u00a3187.7m (2024: \u00a359.3m) of other income, trading property sales proceeds,
trading stock sales proceeds and service charge income within Gross property and other income.
Gross rental income includes \u00a33.7m (2024: \u00a36.3m) relating to rents recognised in advance of cash receipts. It also includes \u00a30.5m
(2024: \u00a30.4m) received in relation to DL/Lounges. Other income includes \u00a30.6m (2024: \u00a30.5m) received from customer services.
Property costs includes \u00a32.9m (2024: \u00a32.9m) in relation to DL/Lounges and customer services. It also includes amounts in relation to
non-recoverable service charge costs associated with vacant units during periods of refurbishment.
In 2025, the Group disposed of all its trading stock which was sold under development agreements to the freeholder upon completion.
Trading property sales proceeds relates to the sale of 24 residential apartments for \u00a3115.8m and the a\ufb00ordable residential units for
\u00a32.3m.
In October 2024, the Group acquired the remaining 50% interest of the Derwent Lazari Baker Street Limited Partnership. From that
point forward, the results were consolidated in the table above. See note 8 for further details.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00183": { "value": "5\u2002Property and other income \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Gross rental income
218.3
214.8
Surrender premiums received
0.3
2.7
Other property income
\u2013
0.1
Gross property income
218.6
217.6
Trading property sales proceeds
1
118.1
3.7
Trading stock sales proceeds
1
17.8
\u2013
Service charge income
1
46.9
50.5
Other income
1
4.9
5.1
Gross property and other income
406.3
276.9
Gross rental income
218.3
214.8
Movement in impairment of receivables
(0.5)
(0.2)
Movement in impairment of prepayments
(1.4)
(0.2)
Service charge income
1
46.9
50.5
Service charge expenses
(53.5)
(57.1)
\u00a0
(6.6)
(6.6)
Property costs
(19.8)
(18.2)
Net rental income
190.0
189.6
Trading property sales proceeds
1
118.1
3.7
Trading property cost of sales
(113.9)
(3.7)
Pro\ufb01t on trading property disposals
4.2
\u2013
Trading stock sales proceeds
1
17.8
\u2013
Trading stock cost of sales
(17.8)
\u2013
Result on trading stock disposals
\u2013
\u2013
Other property income
\u2013
0.1
Other income
1
4.9
5.1
Net surrender premiums received
0.3
2.7
Dilapidation receipts
0.2
0.8
Net property and other income
199.6
198.3
\n
1
In line with IFRS 15 Revenue from Contracts with Customers, the Group recognised a total of \u00a3187.7m (2024: \u00a359.3m) of other income, trading property sales proceeds,
trading stock sales proceeds and service charge income within Gross property and other income.
Gross rental income includes \u00a33.7m (2024: \u00a36.3m) relating to rents recognised in advance of cash receipts. It also includes \u00a30.5m
(2024: \u00a30.4m) received in relation to DL/Lounges. Other income includes \u00a30.6m (2024: \u00a30.5m) received from customer services.
Property costs includes \u00a32.9m (2024: \u00a32.9m) in relation to DL/Lounges and customer services. It also includes amounts in relation to
non-recoverable service charge costs associated with vacant units during periods of refurbishment.
In 2025, the Group disposed of all its trading stock which was sold under development agreements to the freeholder upon completion.
Trading property sales proceeds relates to the sale of 24 residential apartments for \u00a3115.8m and the a\ufb00ordable residential units for
\u00a32.3m.
In October 2024, the Group acquired the remaining 50% interest of the Derwent Lazari Baker Street Limited Partnership. From that
point forward, the results were consolidated in the table above. See note 8 for further details.7\u2002Finance income and \ufb01nance costs \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Finance income
\u00a0 \u00a0
Net interest received on de\ufb01ned bene\ufb01t pension scheme asset
0.1
0.1
Bank interest receivable
2.0
0.2
Finance income
2.1
0.3
Finance costs
\u00a0 \u00a0
Bank loans
(15.0)
(6.1)
Non-utilisation fees
(2.3)
(1.9)
Unsecured convertible bonds
(1.8)
(4.0)
Unsecured green bonds
(6.7)
(6.7)
Unsecured bonds
(7.6)
\u2013
Secured bonds
(11.4)
(11.4)
Unsecured private placement notes
(15.6)
(15.6)
Secured loan
\u2013
(2.7)
Amortisation of issue and arrangement costs
(2.8)
(2.6)
Amortisation of the fair value of the secured bonds
1.7
1.6
Obligations under headleases
(1.7)
(1.3)
Settlement of derivative \ufb01nancial instrument
(1.2)
\u2013
Other
(0.2)
(0.4)
Gross \ufb01nance costs
(64.6)
(51.1)
Less: interest capitalised
14.1
11.2
Finance costs
(50.5)
(39.9)
\n
Finance costs of \u00a314.1m (2024: \u00a311.2m) have been capitalised on development projects including trading stock and trading properties,
in accordance with IAS 23 Borrowing Costs, using the Group\u2019s average cost of borrowings during each quarter. Total \ufb01nance costs paid
to 31 December 2025 were \u00a359.6m (2024: \u00a349.5m) of which \u00a314.1m (2024: \u00a311.2m) out of a total of \u00a3149.1m (2024: \u00a3139.9m) was included
in capital expenditure on the property portfolio in the Group cash \ufb02ow statement under investing activities.
Prior to the issue of the \u00a3250m unsecured bonds in June 2025 (see note 24 for more information) the Group entered into derivative
contracts to hedge against movements in UK government bond yields during the period between launch and pricing of the bond. As
hedge accounting was not applied, the resulting loss on settlement of the derivative \ufb01nancial instrument of \u00a31.2m has been
recognised in \ufb01nance costs. This is included in the Group cash \ufb02ow statement under \ufb01nancing activities.9\u2002Pro\ufb01t before tax
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
This is arrived at after charging:
\u00a0 \u00a0
Depreciation
0.8
1.0
Rent payable under headleases
1.9
1.5
Auditor\u2019s remuneration
\u00a0 \u00a0
Audit \u2013 Group
0.6
0.6
Audit \u2013 subsidiaries
\u2013
0.1
Non-audit fees
0.3
0.2
\n
In 2025, audit fees for the Group were \u00a3600,940 (2024: \u00a3572,650) and for the subsidiaries \u00a343,220 (2024: \u00a3101,325). Non-audit fees in
2025 included the review of the interim results \u00a376,986 (2024: \u00a374,025), green \ufb01nance assurance \u00a340,000 (2024: \u00a340,000), sustainability
assurance \u00a393,200 (2024: \u00a3nil), audit related assurance services \u00a370,000 (2024: \u00a371,000) and other non-audit services \u00a31,350 (2024:
\u00a3nil).
10\u2002Directors\u2019 emoluments
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Remuneration for management services
4.7
4.6
Post-employment bene\ufb01ts
0.4
0.4
\u00a0
5.1
5.0
National insurance contributions
0.8
0.7
\u00a0
5.9
5.7
\n
An amount of \u00a30.8m (2024: \u00a31.2m) attributable to the Directors is included within share-based payments expense of \u00a32.0m (2024:
\u00a33.1m) relating to equity-settled schemes in note 11. This is in accordance with IFRS 2 Share-based Payment.
Details of the Directors\u2019 remuneration awards under the long-term incentive plan and options held by the Directors under the Group
share option schemes are given on pages 203 to 209 of the report of the Remuneration Committee. The only key management
personnel are the Directors.
11\u2002Employees
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Sta\ufb00 costs, including those of Directors:
\u00a0 \u00a0
Wages and salaries
19.6
20.2
Social security costs
3.6
3.4
Other pension costs
3.1
3.0
Share-based payments expense relating to equity-settled schemes
2.0
3.1
\u00a0
28.3
29.7
\n
Employee related costs of \u00a32.7m (2024: \u00a32.5m) are capitalised within interest capitalisation and sta\ufb00 costs in note 15 and another
\u00a32.7m (2024: \u00a32.7m) is included within service charge expense.
The monthly average number of employees in the Group during the year, excluding Directors, was 193 (2024: 185). Of the Group\u2019s
employees, there were 69 (2024: 64) whose costs were recharged or partially recharged to tenants via service charges.
12\u2002Share-based payments
Details of the options held by Directors under the Performance Share Plan (PSP) are given in the report of the Remuneration
Committee on page 206.
Equity-settled option scheme
The Employee Share Option Plan (\u2018ESOP\u2019) is designed to incentivise and retain eligible employees. The ESOP is separate to the PSP
disclosed in the report of the Remuneration Committee. The Directors are not entitled to any awards under the ESOP.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Adjusted
\u00a0 \u00a0\u00a0 \u00a0 \u00a0
\u00a0
Exercise
exercise
\u00a0
Movement in options
\u00a0
\u00a0
price
price
1
Outstanding at
\u00a0 \u00a0 \u00a0
Outstanding at
Year of grant
\u00a3
\u00a3
1 January
Granted
Exercised
Lapsed
31 December
For the year to 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2015
34.65
33.23
24,541
\u2013
\u2013
(24,541)
\u2013
2016
31.20
29.93
26,196
\u2013
\u2013
(3,342)
22,854
2017
28.93
27.75
54,063
\u2013
\u2013
(9,557)
44,506
2018
30.29
29.57
72,787
\u2013
\u2013
(14,575)
58,212
2019
32.43
32.43
92,075
\u2013
\u2013
(19,132)
72,943
2020
30.02
30.02
120,547
\u2013
\u2013
(17,772)
102,775
2021
33.28
33.28
151,275
\u2013
\u2013
(22,223)
129,052
2022
31.10
31.10
201,290
\u2013
\u2013
(25,890)
175,400
2023
22.86
22.86
276,017
\u2013
\u2013
(28,017)
248,000
2024
21.00
21.00
341,095
\u2013
\u2013
(32,902)
308,193
2025
17.83
17.83
\u2013
410,330
\u2013
(32,630)
377,700
\u00a0 \u00a0 \u00a0
1,359,886
410,330
\u2013
(230,581)
1,539,635
For the year to 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2014
27.39
26.27
11,474
\u2013
\u2013
(11,474)
\u2013
2015
34.65
33.23
26,625
\u2013
\u2013
(2,084)
24,541
2016
31.20
29.93
29,041
\u2013
\u2013
(2,845)
26,196
2017
28.93
27.75
57,668
\u2013
\u2013
(3,605)
54,063
2018
30.29
29.57
78,531
\u2013
\u2013
(5,744)
72,787
2019
32.43
32.43
100,515
\u2013
\u2013
(8,440)
92,075
2020
30.02
30.02
136,186
\u2013
\u2013
(15,639)
120,547
2021
33.28
33.28
165,629
\u2013
\u2013
(14,354)
151,275
2022
31.10
31.10
223,000
\u2013
\u2013
(21,710)
201,290
2023
22.86
22.86
324,850
\u2013
\u2013
(48,833)
276,017
2024
21.00
21.00
\u2013
380,200
\u2013
(39,105)
341,095
\u00a0 \u00a0 \u00a0
1,153,519
380,200
\u2013
(173,833)
1,359,886
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
1 January
\u00a0
2025
2024
2024
Number of shares:
\u00a0 \u00a0 \u00a0
Exercisable
605,742
541,484
440,040
Non-exercisable
933,893
818,402
713,479
Weighted average exercise price of share options:
\u00a0 \u00a0 \u00a0
Exercisable
\u00a331.14
\u00a331.24
\u00a330.33
Non-exercisable
\u00a320.21
\u00a324.11
\u00a327.86
Weighted average remaining contracted life of share options:
\u00a0 \u00a0 \u00a0
Exercisable
4.33 years
4.35 years
4.53 years
Non-exercisable
8.36 years
8.40 years
8.47 years
Weighted average exercise price of share options that lapsed:
\u00a0 \u00a0 \u00a0
Exercisable
\u00a331.49
\u00a330.35
\u00a330.31
Non-exercisable
\u00a320.45
\u00a323.83
\u00a330.58
\n
1
In 2018, following the payment of the special dividend of 75 pence per share, the Remuneration Committee exercised their discretion and adjusted the number of
outstanding unapproved \u2018B\u2019 options and their option price, to ensure participants were not disadvantaged by the payment to shareholders of the special dividend.
The weighted average share price at which options were exercised during 2025 was \u00a3nil (2024: \u00a3nil).
The weighted average fair value of options granted during 2025 was \u00a34.42 (2024: \u00a35.61).
The following information is relevant in the determination of the fair value of the options granted during 2025 and 2024 under the
equity-settled employee share plan operated by the Group.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Option pricing model used
Binomial lattice
Binomial lattice
Risk free interest rate
4.1%
4.1%
Volatility
30.0%
31.0%
Dividend yield
4.5%
3.4%
\n
For both the 2025 and 2024 grants, additional assumptions have been made that there is no employee turnover and 50% of
employees exercise early when the share options are 20% in the money and 50% of employees exercise early when the share options
are 100% in the money.
The volatility assumption, measured as the standard deviation of expected share price returns, is based on a statistical analysis of
daily prices over the last four years.
Save As You Earn scheme
The Save As You Earn (\u2018SAYE\u2019) plan is designed to allow employees (including Directors) to purchase shares in the Company in a tax
e\ufb03cient manner. The SAYE plan is an HMRC approved scheme. Employees can participate on an annual basis and save up to \u00a3250 per
month per grant. Further details are given in the report of the Remuneration Committee on page 208.
13\u2002Pension costs
The Group operates both a de\ufb01ned contribution scheme and a de\ufb01ned bene\ufb01t scheme. The latter was acquired as part of the
acquisition of London Merchant Securities plc in 2007 and is closed to new members. All new employees are entitled to join the de\ufb01ned
contribution scheme. The assets of the pension schemes are held separately from those of Group companies.
De\ufb01ned contribution plan
The total expense relating to this plan in the current year was \u00a32.6m (2024: \u00a32.3m).
De\ufb01ned bene\ufb01t plan
The Group sponsors the scheme which is a funded de\ufb01ned bene\ufb01t arrangement. This is a separate trustee-administered fund holding
the pension scheme assets to meet long-term pension liabilities for past employees. The Scheme closed to future bene\ufb01t accrual on
31 July 2019. The level of retirement bene\ufb01t is principally based on basic salary at the last scheme anniversary of employment prior to
leaving active service and increases at 5% pa in deferment.
The trustees of the scheme are required to act in the best interest of the scheme\u2019s bene\ufb01ciaries. The appointment of the trustees is
determined by the scheme\u2019s trust documentation. It is policy that one third of all trustees should be nominated by the members.
A full actuarial valuation was carried out as at 31 October 2022 in accordance with the scheme funding requirements of the Pensions
Act 2004 and the funding of the scheme is agreed between the Group and the trustees in line with those requirements. The funding
valuation requires the surplus/de\ufb01cit to be calculated using prudent actuarial assumptions, as opposed to best estimate assumptions
required for pensions accounting purposes.
The 2022 actuarial valuation showed a de\ufb01cit of \u00a32.8m. The Group agreed with the trustees that it will aim to eliminate the de\ufb01cit
over a period of 3 years and 2 months from 31 October 2022 by three payments of \u00a31.4m payable by 31 December 2022, 31 December
2023 and the \ufb01nal contribution by 31 December 2026. In addition, the Group has agreed with the trustees that the Group will meet
expenses of running the scheme and levies to the Pension Protection Fund separately. The estimated amount of total employer
contributions expected to be paid to the scheme during the year to 31 December 2026 is \u00a31.4m (31 December 2025 actual: \u00a3nil).
For the purposes of IAS 19 the actuarial valuation as at 31 October 2022, which was carried out by a quali\ufb01ed independent actuary,
has been updated on an approximate basis to 31 December 2025.
Amounts included in the balance sheet
\n\n \n
2025
2024
\u00a3m
\u00a3m
Fair value of plan assets
34.7
35.2
Present value of de\ufb01ned bene\ufb01t obligation
(32.9)
(33.4)
Net asset
1.8
1.8
\n
The present value of the scheme liabilities is measured by discounting the best estimate of future cash \ufb02ows to be paid out by the
\n
scheme. The value calculated in this way is re\ufb02ected in the net asset in the balance sheet as shown above.
\n
All actuarial gains and losses are recognised in the year in which they occur in the Group Statement of Comprehensive income.
\n
Reconciliation of the impact of the asset ceiling
\n
We have considered the application of IFRIC 14 and deemed it to have no material e\ufb00ect on the IAS 19 \ufb01gures.
\n
Reconciliation of the opening and closing present value of the de\ufb01ned bene\ufb01t obligation
\n\n \n
2025
2024
\u00a3m
\u00a3m
At 1 January
33.4
37.6
Interest cost
1.7
1.6
Actuarial losses/(gains) due to changes in \ufb01nancial assumptions
0.5
(3.3)
Bene\ufb01ts paid, death in service premiums and expenses
(2.7)
(2.5)
At 31 December
32.9
33.4
\n
There have been no scheme amendments, curtailments or settlements in the year.
\n
Reconciliation of opening and closing values of the fair value of plan assets
\n\n \n
2025
2024
\u00a3m
\u00a3m
At 1 January
35.2
39.6
Interest income
1.8
1.7
Gain/(loss) on plan assets (excluding amounts included in interest income)
0.4
(3.7)
Bene\ufb01ts paid, death in service premiums and expenses
(2.7)
(2.5)
Other
\u2013
0.1
At 31 December
34.7
35.2
\n
The actual return on the plan assets including interest income over the year was a gain of \u00a32.2m (2024: loss of \u00a32.0m).
\n
De\ufb01ned bene\ufb01t income recognised in the income statement
\n\n \n
2025
2024
\u00a3m
\u00a3m
Net interest income
(0.1)
(0.1)
De\ufb01ned bene\ufb01t income recognised in the income statement
(0.1)
(0.1)
\n
Amounts recognised in other comprehensive income
\n\n \n
2025
2024
\u00a3m
\u00a3m
Gain/(loss) on plan assets (excluding amounts recognised in net interest cost)
0.4
(3.7)
(Loss)/gain from changes in the \ufb01nancial assumptions underlying the present value
of the de\ufb01ned bene\ufb01t obligation
(0.4)
3.3
Total loss recognised in other comprehensive income
\u2013
(0.4)
Fair value of plan assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
LDI
12.1
12.0
Other
(0.1)
0.1
Insured assets
22.7
23.1
Total assets
34.7
35.2
\n
The scheme\u2019s assets are held exclusively within instruments that are valued with inputs other than quoted prices in active markets,
but which are observable, with the exception of the holdings in insurance policies and the trustee\u2019s bank account. The insured assets
have been set equal to the value of the insured liabilities but before allowance has been made for the impact of equalising bene\ufb01ts for
the di\ufb00erent e\ufb00ects of Guaranteed Minimum Pensions for males and females.
The scheme does not invest directly in property occupied by the Group or in \ufb01nancial securities issued by the Group.
It is the policy of the trustees and the Group to review the investment strategy at the time of each funding valuation. The trustees\u2019
investment objectives and the processes undertaken to measure and manage the risks inherent in the plan investment strategy are
illustrated by the asset allocation at 31 December 2025.
Signi\ufb01cant actuarial assumptions
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
%
%
Discount rate
5.4
5.4
In\ufb02ation (RPI)
n/a
n/a
Salary increases
n/a
n/a
\n
The mortality assumptions adopted at 31 December 2025 are 85% of the standard tables S3NXA_L, year of birth, no age rating for
males and females, projected using CMI 2024 converging to 1.25% p.a. These imply the following life expectancies:
Life expectancy at age 65
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Years
Male retiring in 2025
24.8
Female retiring in 2025
26.4
Male retiring in 2045
26.0
Female retiring in 2045
27.7
\n
Analysis of the sensitivity to the principal assumptions of the present value of the de\ufb01ned bene\ufb01t obligation
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Change in assumption
Change in liabilities
Discount rate
Decrease of 0.25% p.a
Increase by 2.0%
Rate of mortality
Increase in life expectancy of one year
Increase by 5.0%
\n
The sensitivities shown above are approximate. Each sensitivity considers one change in isolation. The average duration of the de\ufb01ned
bene\ufb01t obligation at the year ended 31 December 2025 is 10 years (2024: 11 years) for the scheme as a whole or 18 years (2024: 18
years) when only considering non-insured members.
The scheme typically exposes the Group to actuarial risks such as investment risk, interest rate risk, salary growth risk, mortality risk
and longevity risk. A decrease in corporate bond yields or an increase in life expectancy would result in an increase to the scheme\u2019s
liabilities. This would detrimentally impact the balance sheet position and may give rise to increased charges in the income statement.
This e\ufb00ect would be partially o\ufb00set by an increase in the value of the scheme\u2019s LDI and gilt holdings.
The best estimate of contributions to be paid by the Group to the plan for the year commencing 1 January 2026 is \u00a31.4m.
14\u2002Tax charge
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Corporation tax
\u00a0 \u00a0
UK corporation tax and income tax in respect of results for the year
\u2013
\u2013
Corporation tax charge
\u2013
\u2013
Deferred tax
\u00a0 \u00a0
Origination and reversal of temporary di\ufb00erences
0.4
0.1
Deferred tax charge
0.4
0.1
Tax charge
0.4
0.1
\n
A deferred tax charge of \u00a30.4m has passed through the Group income statement (2024: charge of \u00a30.1m). More information regarding
deferred tax can be found in note 28.
The main rate of corporation tax for 2025 was 25.0% (2024: 25.0%). The di\ufb00erence between the main rate and the tax charge for the
Group are explained below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Pro\ufb01t before tax
161.5
116.0
Expected tax charge based on the standard rate of corporation tax in the UK of 25.0% (2024: 25.0%)
40.4
29.0
Di\ufb00erence between tax and accounting pro\ufb01t on disposals
1.3
(2.1)
REIT exempt income
(19.4)
(23.7)
Revaluation (surplus)/de\ufb01cit attributable to REIT properties
(13.7)
1.2
Expenses and fair value adjustments not allowable for tax purposes
1.9
3.6
Capital allowances
(10.5)
(8.2)
Other di\ufb00erences
0.4
0.3
Tax charge
0.4
0.1
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00186": { "value": "Other income includes \u00a30.6m (2024: \u00a30.5m) received from customer services. Property costs includes \u00a32.9m (2024: \u00a32.9m) in relation to DL/Lounges and customer services.", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00185": { "value": "6\u2002(Loss)/pro\ufb01t on disposal \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Investment property
\u00a0 \u00a0
Gross disposal proceeds
80.2
87.5
Costs of disposal
(1.6)
(0.7)
Net disposal proceeds
78.6
86.8
Carrying value
(76.9)
(79.3)
Adjustment for lease costs and rents recognised in advance
(3.9)
(5.4)
(Loss)/pro\ufb01t on disposal of investment property
(2.2)
2.1
Artwork
\u00a0 \u00a0
Gross disposal proceeds
\u2013
\u2013
Costs of disposal
\u2013
(0.2)
Net disposal proceeds
\u2013
(0.2)
Carrying value
\u2013
\u2013
Loss on disposal of artwork
\u2013
(0.2)
(Loss)/pro\ufb01t on disposal of investment property and artwork
(2.2)
1.9
\n
Included within gross disposal proceeds for 2025 is \u00a326.0m relating to the disposal of the Group\u2019s freehold interest in 4&10 Pentonville
Road N1 in January 2025, and \u00a354.1m relating to the disposal of the Group\u2019s freehold interest in Francis House SW1 in October 2025.15\u2002Property portfolio \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Total
Owner-
Assets
\u00a0
Total
\u00a0 \u00a0 \u00a0
investment
occupied
held for
Trading
property
\u00a0
Freehold
Leasehold
property
property
sale
property
portfolio
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Carrying value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
3,209.7
1,460.4
4,670.1
49.0
25.7
115.7
4,860.5
Acquisitions
0.2
5.8
6.0
\u2013
\u2013
\u2013
6.0
Capital expenditure
92.9
38.5
131.4
\u2013
\u2013
24.7
156.1
Interest capitalisation and sta\ufb00 costs
7.4
6.8
14.2
\u2013
\u2013
2.3
16.5
Additions
100.5
51.1
151.6
\u2013
\u2013
27.0
178.6
Disposals
(51.2)
\u2013
(51.2)
\u2013
(25.7)
(109.8)
(186.7)
Revaluation
57.3
(5.1)
52.2
4.5
\u2013
\u2013
56.7
Movement in grossing up
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
of headlease liabilities
\u2013
5.9
5.9
\u2013
\u2013
\u2013
5.9
At 31 December 2025
3,316.3
1,512.3
4,828.6
53.5
\u2013
32.9
4,915.0
At 1 January 2024
3,280.5
1,270.9
4,551.4
46.1
\u2013
60.0
4,657.5
Acquisitions
\u2013
47.0
47.0
\u2013
\u2013
\u2013
47.0
Capital expenditure
82.0
42.8
124.8
\u2013
\u2013
57.3
182.1
Interest capitalisation and sta\ufb00 costs
3.4
7.5
10.9
\u2013
\u2013
2.0
12.9
Additions
85.4
97.3
182.7
\u2013
\u2013
59.3
242.0
Disposals
(78.7)
(0.6)
(79.3)
\u2013
\u2013
(3.6)
(82.9)
Transfer from joint venture
\u2013
44.4
44.4
\u2013
\u2013
\u2013
44.4
Transfers
(25.7)
\u2013
(25.7)
\u2013
25.7
\u2013
\u2013
Revaluation
(51.8)
49.1
(2.7)
2.9
\u2013
\u2013
0.2
Movement in grossing up
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
of headlease liabilities
\u2013
(0.7)
(0.7)
\u2013
\u2013
\u2013
(0.7)
At 31 December 2024
3,209.7
1,460.4
4,670.1
49.0
25.7
115.7
4,860.5
Adjustments from fair value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
to carrying value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair value
3,472.0
1,535.1
5,007.1
53.5
\u2013
33.3
5,093.9
Revaluation of trading property
\u2013
\u2013
\u2013
\u2013
\u2013
(0.4)
(0.4)
Lease incentives and costs
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
included in receivables
(155.7)
(61.8)
(217.5)
\u2013
\u2013
\u2013
(217.5)
Grossing up of headlease liabilities
\u2013
39.0
39.0
\u2013
\u2013
\u2013
39.0
Carrying value
3,316.3
1,512.3
4,828.6
53.5
\u2013
32.9
4,915.0
At 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair value
3,374.1
1,475.7
4,849.8
49.0
26.0
116.3
5,041.1
Selling costs relating
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
to assets held for sale
\u2013
\u2013
\u2013
\u2013
(0.3)
\u2013
(0.3)
Revaluation of trading property
\u2013
\u2013
\u2013
\u2013
\u2013
(0.6)
(0.6)
Lease incentives and costs
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
included in receivables
(164.4)
(48.4)
(212.8)
\u2013
\u2013
\u2013
(212.8)
Grossing up of headlease liabilities
\u2013
33.1
33.1
\u2013
\u2013
\u2013
33.1
Carrying value
3,209.7
1,460.4
4,670.1
49.0
25.7
115.7
4,860.5
\n
The property portfolio is subject to semi-annual external valuations and was revalued at 31 December 2025 by external valuers on the
basis of fair value in accordance with The RICS Valuation \u2013 Professional Standards, which takes account of the properties\u2019 highest and
best use. When considering the highest and best use of a property, the external valuers will consider its existing and potential uses
which are physically, legally and \ufb01nancially viable. Where the highest and best use di\ufb00ers from the existing use, the external valuers
will consider the costs and the likelihood of achieving and implementing this change in arriving at the property valuation. There were
no such instances during either 2025 or 2024.
The external valuations for the portfolio at 31 December 2025 were carried out by Knight Frank LLP.
Knight Frank valued the portfolio at \u00a35,093.9m (2024: \u00a35,041.1m). Of the properties revalued, \u00a353.5m (2024: \u00a349.0m) relating to
owner-occupied property was included within property, plant and equipment and \u00a333.3m (2024: \u00a3116.3m) was in relation to trading
property.
The total fees, including the fee for this assignment, earned by Knight Frank (or other companies forming part of the same group of
companies within the UK) from the Group is less than 5.0% of their total UK revenues.
Sta\ufb00 and associated costs directly attributable to the management of major schemes are capitalised, based on the proportion of
time spent on each relevant scheme.
In October 2024, the Group acquired the remaining 50% interest of the Derwent Lazari Baker Street Partnership (the \u2018joint venture\u2019)
from Lazari Investments Limited (\u2018Lazari\u2019). Following the acquisition, the Group\u2019s 50% interest in the joint venture was consolidated
into the Group\u2019s property portfolio.
Net zero carbon and EPC compliance
The Group published its pathway to net zero carbon in July 2020 and has set 2030 as its target date to achieve this. \u00a388.9m (year to
31 December 2024: \u00a3123.9m) of eligible \u2018green\u2019 capital expenditure, in accordance with the Group\u2019s Green Finance Framework, was
incurred in the year to 31 December 2025 on the major developments at 80 Charlotte Street W1, 1 Soho Place W1, The Featherstone
Building EC1, 25 Baker Street W1 and Network W1. In addition, the Group continues to hold carbon credits to support certain externally
validated green projects to o\ufb00set embodied carbon.
To quantify one of the impacts of climate change on the valuation, an independent third-party assessment was carried out in 2021 to
estimate the cost of EPC upgrades across the portfolio. Following a review of the latest scope changes in building regulation,
subsequent in\ufb02ation, disposals, and work carried out to date, the estimated amount was \u00a373.7m at the end of 2025. Of this amount, a
speci\ufb01c deduction of \u00a331m was included in the 31 December 2025 external valuation. In addition, further amounts have been allowed
for in the expected costs of future refurbishment projects. Any committed capital expenditure has been included in note 33.
Reconciliation of revaluation surplus/(de\ufb01cit)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Total revaluation surplus/(de\ufb01cit)
67.5
(1.8)
Less:
\u00a0 \u00a0
Lease incentives and costs
(8.7)
(7.2)
Assets held for sale selling costs
\u2013
(0.3)
Trading property revaluation adjustment
(2.0)
9.1
Other
(0.1)
0.4
IFRS revaluation surplus
56.7
0.2
Reported in the:
\u00a0 \u00a0
Revaluation surplus/(de\ufb01cit)
52.2
(2.7)
Group income statement
52.2
(2.7)
Group statement of comprehensive income
4.5
2.9
\u00a0
56.7
0.2
\n
Valuation process
\n
The valuation reports produced by the external valuers are based on information provided by the Group such as current rents, terms
\n
and conditions of lease agreements, service charges and capital expenditure. This information is derived from the Group\u2019s \ufb01nancial
\n
and property management systems and is subject to the Group\u2019s overall control environment. In addition, the valuation reports are
\n
based on assumptions and valuation models used by the external valuers. The assumptions are typically market related, such as yields
\n
and discount rates, and are based on their professional judgement and market observation and take into account the impact of
\n
climate change and related environmental, social and governance considerations. Each property is considered a separate asset class
\n
based on the unique nature, characteristics and risks of the property.
\n
Members of the Group\u2019s investments team, who report to the Executive Director responsible for the valuation process, verify all major
\n
inputs to the external valuation reports, assess the individual property valuation changes from the prior year valuation report and
\n
hold discussions with the external valuers. When this process is complete, the valuation report is recommended to the Audit
\n
Committee, which considers it as part of its overall responsibilities.
\n
Valuation techniques
\n
The fair value of the property portfolio has been determined using an income capitalisation technique, whereby contracted and
\n
market rental values are capitalised with a market capitalisation rate. The resulting valuations are cross-checked against the
\n
equivalent yields and the fair market values per square foot derived from comparable recent market transactions on arm\u2019s length
\n
terms.
\n
For properties under construction, the fair value is calculated by estimating the fair value of the completed property using the income
\n
capitalisation technique less estimated costs to completion and a risk premium.
\n
These techniques are consistent with the principles in IFRS 13 Fair Value Measurement and use signi\ufb01cant unobservable inputs such
\n
that the fair value measurement of each property within the portfolio has been classi\ufb01ed as Level 3 in the fair value hierarchy.
\n
There were no transfers between levels in the fair value hierarchy during either 2025 or 2024.
\n
Gains and losses recorded in pro\ufb01t or loss for recurring fair value measurements categorised within Level 3 of the fair value hierarchy
\n
amount to a gain of \u00a352.2m (2024: loss of \u00a32.7m) and are presented in the Group income statement in the line item \u2018revaluation
\n
surplus/(de\ufb01cit)\u2019. The revaluation surplus for the owner-occupied property of \u00a34.5m (2024: surplus of \u00a32.9m) was included within the
\n
Group statement of comprehensive income.
\n
All gains and losses recorded in pro\ufb01t or loss in 2025 and 2024 for recurring fair value measurements categorised within Level 3 of the
\n
fair value hierarchy are attributable to changes in unrealised gains or losses relating to investment property held at 31 December 2025
\n
and 31 December 2024, respectively.
\n\n
Quantitative information about fair value measurement using unobservable inputs (Level 3)
\n\n \n
West End
Provincial
At 31 December 2025
West End central
borders/other
City borders
commercial
Provincial land
Total
Income
Income
Income
Income
Income
Valuation technique
capitalisation
capitalisation
capitalisation
capitalisation
capitalisation
Fair value (\u00a3m)
3,527.8
273.2
1,178.7
74.5
39.7
5,093.9
Area ('000 sq ft)
2,966
377
1,564
351
\u2013
5,258
Range of unobservable inputs
1
:
Gross ERV (per sq ft pa)
Minimum
\u00a335
\u00a325
\u00a322
\u00a3nil
n/a
2
Maximum
\u00a3123
\u00a359
\u00a375
\u00a316
n/a
2
Weighted average
\u00a376
\u00a351
\u00a358
\u00a316
n/a
2
Net initial yield
Minimum
2.3%
2.0%
3.8%
2.9%
0.0%
Maximum
9.4%
7.0%
7.3%
2.9%
2.4%
Weighted average
2.9%
6.2%
5.2%
2.9%
2.4%
Reversionary yield
Minimum
3.2%
4.4%
3.3%
6.9%
0.0%
Maximum
9.6%
6.9%
8.7%
6.9%
2.4%
Weighted average
5.5%
6.6%
7.0%
6.9%
2.4%
True equivalent yield
(EPRA basis)
Minimum
3.2%
4.2%
5.2%
7.0%
0.0%
Maximum
7.6%
7.3%
7.6%
7.0%
0.0%
Weighted average
5.3%
6.9%
6.3%
7.0%
0.0%
At 31 December 2024
Income
Income
Income
Income
Income
Valuation technique
capitalisation
capitalisation
capitalisation
capitalisation
capitalisation
Fair value (\u00a3m)
3,473.1
301.7
1,173.4
53.9
39.0
5,041.1
Area ('000 sq ft)
3,040
429
1,562
325
\u2013
5,356
Range of unobservable inputs
1
:
Gross ERV (per sq ft pa)
Minimum
\u00a332
\u00a324
\u00a338
\u00a3nil
n/a
2
Maximum
\u00a3118
\u00a359
\u00a375
\u00a315
n/a
2
Weighted average
\u00a369
\u00a352
\u00a357
\u00a315
n/a
2
Net initial yield
Minimum
3.1%
2.5%
3.3%
7.0%
0.0%
Maximum
9.9%
6.8%
6.9%
7.0%
1.4%
Weighted average
3.1%
5.6%
5.2%
7.0%
1.4%
Reversionary yield
Minimum
3.2%
4.8%
3.3%
6.9%
0.0%
Maximum
9.7%
11.4%
8.3%
6.9%
1.4%
Weighted average
5.4%
6.9%
6.9%
6.9%
1.4%
True equivalent yield
(EPRA basis)
Minimum
3.2%
4.4%
5.3%
7.2%
0.0%
Maximum
6.6%
7.1%
6.9%
7.2%
0.0%
Weighted average
5.3%
6.8%
6.3%
7.2%
0.0%
\n
1
Costs to complete are not deemed a signi\ufb01cant unobservable input by virtue of the high percentage that is already \ufb01xed.
\n
2
There is no calculation of gross ERV per sq ft pa. The land totals 5,500 acres.
Sensitivity of measurement to variations in the signi\ufb01cant unobservable inputs
The signi\ufb01cant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair value hierarchy of the
Group\u2019s property portfolio, together with the impact of signi\ufb01cant movements in these inputs on the fair value measurement, are
shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Impact on fair value measurement
Impact on fair value measurement
Unobservable input
of signi\ufb01cant increase in input
of signi\ufb01cant decrease in input
Gross ERV
Increase
Decrease
Net initial yield
Decrease
Increase
Reversionary yield
Decrease
Increase
True equivalent yield
Decrease
Increase
\n
There are inter-relationships between these inputs as they are partially determined by market conditions. An increase in the
reversionary yield may accompany an increase in gross ERV and would mitigate its impact on the fair value measurement.
A sensitivity analysis was performed to ascertain the impact on the fair value of a 25 basis point shift in true equivalent yield and a
\u00a32.50 per sq ft shift in ERV on the property valuations. The Group believes this captures the range of variations in these key valuation
assumptions. The results are shown in the tables below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
West End
\u00a0 \u00a0 \u00a0
\u00a0
West End
borders/
City
Provincial
\u00a0
\u00a0
central
other
borders
commercial
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
True equivalent yield
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
+25bp
(125.8)
(9.6)
(44.8)
(2.6)
(181.2)
- 25bp
138.2
10.3
48.5
2.8
197.8
ERV
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
+\u00a32.50 psf
116.8
13.4
51.2
10.5
197.2
- \u00a32.50 psf
(116.8)
(13.4)
(51.2)
(10.5)
(197.2)
At 31 December 2024
1
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
True equivalent yield
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
+25bp
(127.1)
(10.7)
(44.6)
(1.8)
(182.6)
- 25bp
139.7
11.5
48.2
1.9
199.3
ERV
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
+\u00a32.50 psf
102.9
14.4
51.6
8.9
179.2
- \u00a32.50 psf
(102.9)
(14.4)
(51.6)
(8.9)
(179.2)
\n
1
These amounts have been re-presented from percentages to pound sterling (\u00a3).
Historical cost
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Investment property
3,856.1
3,746.4
Owner-occupied property
19.6
19.6
Assets held for sale
\u2013
28.8
Trading property
42.9
132.9
Total property portfolio
3,918.6
3,927.7
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00187": { "value": "7\u2002Finance income and \ufb01nance costs \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Finance income
\u00a0 \u00a0
Net interest received on de\ufb01ned bene\ufb01t pension scheme asset
0.1
0.1
Bank interest receivable
2.0
0.2
Finance income
2.1
0.3
Finance costs
\u00a0 \u00a0
Bank loans
(15.0)
(6.1)
Non-utilisation fees
(2.3)
(1.9)
Unsecured convertible bonds
(1.8)
(4.0)
Unsecured green bonds
(6.7)
(6.7)
Unsecured bonds
(7.6)
\u2013
Secured bonds
(11.4)
(11.4)
Unsecured private placement notes
(15.6)
(15.6)
Secured loan
\u2013
(2.7)
Amortisation of issue and arrangement costs
(2.8)
(2.6)
Amortisation of the fair value of the secured bonds
1.7
1.6
Obligations under headleases
(1.7)
(1.3)
Settlement of derivative \ufb01nancial instrument
(1.2)
\u2013
Other
(0.2)
(0.4)
Gross \ufb01nance costs
(64.6)
(51.1)
Less: interest capitalised
14.1
11.2
Finance costs
(50.5)
(39.9)
\n
Finance costs of \u00a314.1m (2024: \u00a311.2m) have been capitalised on development projects including trading stock and trading properties,
in accordance with IAS 23 Borrowing Costs, using the Group\u2019s average cost of borrowings during each quarter. Total \ufb01nance costs paid
to 31 December 2025 were \u00a359.6m (2024: \u00a349.5m) of which \u00a314.1m (2024: \u00a311.2m) out of a total of \u00a3149.1m (2024: \u00a3139.9m) was included
in capital expenditure on the property portfolio in the Group cash \ufb02ow statement under investing activities.
Prior to the issue of the \u00a3250m unsecured bonds in June 2025 (see note 24 for more information) the Group entered into derivative
contracts to hedge against movements in UK government bond yields during the period between launch and pricing of the bond. As
hedge accounting was not applied, the resulting loss on settlement of the derivative \ufb01nancial instrument of \u00a31.2m has been
recognised in \ufb01nance costs. This is included in the Group cash \ufb02ow statement under \ufb01nancing activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00188": { "value": "7\u2002Finance income and \ufb01nance costs \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Finance income
\u00a0 \u00a0
Net interest received on de\ufb01ned bene\ufb01t pension scheme asset
0.1
0.1
Bank interest receivable
2.0
0.2
Finance income
2.1
0.3
Finance costs
\u00a0 \u00a0
Bank loans
(15.0)
(6.1)
Non-utilisation fees
(2.3)
(1.9)
Unsecured convertible bonds
(1.8)
(4.0)
Unsecured green bonds
(6.7)
(6.7)
Unsecured bonds
(7.6)
\u2013
Secured bonds
(11.4)
(11.4)
Unsecured private placement notes
(15.6)
(15.6)
Secured loan
\u2013
(2.7)
Amortisation of issue and arrangement costs
(2.8)
(2.6)
Amortisation of the fair value of the secured bonds
1.7
1.6
Obligations under headleases
(1.7)
(1.3)
Settlement of derivative \ufb01nancial instrument
(1.2)
\u2013
Other
(0.2)
(0.4)
Gross \ufb01nance costs
(64.6)
(51.1)
Less: interest capitalised
14.1
11.2
Finance costs
(50.5)
(39.9)
\n
Finance costs of \u00a314.1m (2024: \u00a311.2m) have been capitalised on development projects including trading stock and trading properties,
in accordance with IAS 23 Borrowing Costs, using the Group\u2019s average cost of borrowings during each quarter. Total \ufb01nance costs paid
to 31 December 2025 were \u00a359.6m (2024: \u00a349.5m) of which \u00a314.1m (2024: \u00a311.2m) out of a total of \u00a3149.1m (2024: \u00a3139.9m) was included
in capital expenditure on the property portfolio in the Group cash \ufb02ow statement under investing activities.
Prior to the issue of the \u00a3250m unsecured bonds in June 2025 (see note 24 for more information) the Group entered into derivative
contracts to hedge against movements in UK government bond yields during the period between launch and pricing of the bond. As
hedge accounting was not applied, the resulting loss on settlement of the derivative \ufb01nancial instrument of \u00a31.2m has been
recognised in \ufb01nance costs. This is included in the Group cash \ufb02ow statement under \ufb01nancing activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00189": { "value": "7\u2002Finance income and \ufb01nance costs \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Finance income
\u00a0 \u00a0
Net interest received on de\ufb01ned bene\ufb01t pension scheme asset
0.1
0.1
Bank interest receivable
2.0
0.2
Finance income
2.1
0.3
Finance costs
\u00a0 \u00a0
Bank loans
(15.0)
(6.1)
Non-utilisation fees
(2.3)
(1.9)
Unsecured convertible bonds
(1.8)
(4.0)
Unsecured green bonds
(6.7)
(6.7)
Unsecured bonds
(7.6)
\u2013
Secured bonds
(11.4)
(11.4)
Unsecured private placement notes
(15.6)
(15.6)
Secured loan
\u2013
(2.7)
Amortisation of issue and arrangement costs
(2.8)
(2.6)
Amortisation of the fair value of the secured bonds
1.7
1.6
Obligations under headleases
(1.7)
(1.3)
Settlement of derivative \ufb01nancial instrument
(1.2)
\u2013
Other
(0.2)
(0.4)
Gross \ufb01nance costs
(64.6)
(51.1)
Less: interest capitalised
14.1
11.2
Finance costs
(50.5)
(39.9)
\n
Finance costs of \u00a314.1m (2024: \u00a311.2m) have been capitalised on development projects including trading stock and trading properties,
in accordance with IAS 23 Borrowing Costs, using the Group\u2019s average cost of borrowings during each quarter. Total \ufb01nance costs paid
to 31 December 2025 were \u00a359.6m (2024: \u00a349.5m) of which \u00a314.1m (2024: \u00a311.2m) out of a total of \u00a3149.1m (2024: \u00a3139.9m) was included
in capital expenditure on the property portfolio in the Group cash \ufb02ow statement under investing activities.
Prior to the issue of the \u00a3250m unsecured bonds in June 2025 (see note 24 for more information) the Group entered into derivative
contracts to hedge against movements in UK government bond yields during the period between launch and pricing of the bond. As
hedge accounting was not applied, the resulting loss on settlement of the derivative \ufb01nancial instrument of \u00a31.2m has been
recognised in \ufb01nance costs. This is included in the Group cash \ufb02ow statement under \ufb01nancing activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00192": { "value": "8\u2002Share of results of joint ventures \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Net property income
\u2013
1.9
Administrative expenses
\u2013
(0.1)
Revaluation surplus
\u2013
7.3
Share of result of underlying joint ventures
\u2013
9.1
Impairment of additional deferred consideration (see note 18)
\u2013
(7.6)
Group share of results of joint ventures
\u2013
1.5
\n
In October 2024, the Group acquired the remaining 50% interest of the Derwent Lazari Baker Street Limited Partnership. From this
point forward, the results were consolidated into the results of the Group.At 31 December 2025, the Group had a 50% interest in two (2024: two) joint venture vehicles, Dorrington Derwent Holdings Limited
and Primister Limited.
In October 2024, the Group acquired the remaining 50% interest of the Derwent Lazari Baker Street Partnership from Lazari
Investments Limited, which was accounted for as an asset acquisition. This resulted in full ownership of the assets and liabilities of the
partnership.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 January
\u2013
35.8
Deferred consideration and fees on initial formation of joint venture
\u2013
7.6
Revaluation surplus
\u2013
7.3
Other pro\ufb01t from operations
\u2013
1.8
Transfer to investment property (see note 15)
\u2013
(44.4)
Transfer to assets and liabilities
\u2013
(0.5)
Impairment of additional deferred consideration
\u2013
(7.6)
At 31 December
\u2013
\u2013
\n
The Group\u2019s share of its investments in joint ventures is represented by the following amounts in the underlying joint venture entities.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Joint
\u00a0
Joint
\u00a0
\u00a0
ventures
Group share
ventures
Group share
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net property income
\u2013
\u2013
3.8
1.9
Administrative expenses
\u2013
\u2013
(0.3)
(0.1)
Revaluation surplus
\u2013
\u2013
14.6
7.3
Share of results of underlying joint ventures
\u2013
\u2013
18.1
9.1
Impairment of additional deferred consideration
\u00a0
\u2013
\u00a0
(7.6)
Group share of results of joint ventures
\u00a0
\u2013
\u00a0
1.5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00191": { "value": "8\u2002Share of results of joint ventures \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Net property income
\u2013
1.9
Administrative expenses
\u2013
(0.1)
Revaluation surplus
\u2013
7.3
Share of result of underlying joint ventures
\u2013
9.1
Impairment of additional deferred consideration (see note 18)
\u2013
(7.6)
Group share of results of joint ventures
\u2013
1.5
\n
In October 2024, the Group acquired the remaining 50% interest of the Derwent Lazari Baker Street Limited Partnership. From this
point forward, the results were consolidated into the results of the Group.18\u2002Investments
At 31 December 2025, the Group had a 50% interest in two (2024: two) joint venture vehicles, Dorrington Derwent Holdings Limited
and Primister Limited.
In October 2024, the Group acquired the remaining 50% interest of the Derwent Lazari Baker Street Partnership from Lazari
Investments Limited, which was accounted for as an asset acquisition. This resulted in full ownership of the assets and liabilities of the
partnership.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 January
\u2013
35.8
Deferred consideration and fees on initial formation of joint venture
\u2013
7.6
Revaluation surplus
\u2013
7.3
Other pro\ufb01t from operations
\u2013
1.8
Transfer to investment property (see note 15)
\u2013
(44.4)
Transfer to assets and liabilities
\u2013
(0.5)
Impairment of additional deferred consideration
\u2013
(7.6)
At 31 December
\u2013
\u2013
\n
The Group\u2019s share of its investments in joint ventures is represented by the following amounts in the underlying joint venture entities.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Joint
\u00a0
Joint
\u00a0
\u00a0
ventures
Group share
ventures
Group share
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net property income
\u2013
\u2013
3.8
1.9
Administrative expenses
\u2013
\u2013
(0.3)
(0.1)
Revaluation surplus
\u2013
\u2013
14.6
7.3
Share of results of underlying joint ventures
\u2013
\u2013
18.1
9.1
Impairment of additional deferred consideration
\u00a0
\u2013
\u00a0
(7.6)
Group share of results of joint ventures
\u00a0
\u2013
\u00a0
1.5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00193": { "value": "8\u2002Share of results of joint ventures \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Net property income
\u2013
1.9
Administrative expenses
\u2013
(0.1)
Revaluation surplus
\u2013
7.3
Share of result of underlying joint ventures
\u2013
9.1
Impairment of additional deferred consideration (see note 18)
\u2013
(7.6)
Group share of results of joint ventures
\u2013
1.5
\n
In October 2024, the Group acquired the remaining 50% interest of the Derwent Lazari Baker Street Limited Partnership. From this
point forward, the results were consolidated into the results of the Group.18\u2002Investments
At 31 December 2025, the Group had a 50% interest in two (2024: two) joint venture vehicles, Dorrington Derwent Holdings Limited
and Primister Limited.
In October 2024, the Group acquired the remaining 50% interest of the Derwent Lazari Baker Street Partnership from Lazari
Investments Limited, which was accounted for as an asset acquisition. This resulted in full ownership of the assets and liabilities of the
partnership.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 January
\u2013
35.8
Deferred consideration and fees on initial formation of joint venture
\u2013
7.6
Revaluation surplus
\u2013
7.3
Other pro\ufb01t from operations
\u2013
1.8
Transfer to investment property (see note 15)
\u2013
(44.4)
Transfer to assets and liabilities
\u2013
(0.5)
Impairment of additional deferred consideration
\u2013
(7.6)
At 31 December
\u2013
\u2013
\n
The Group\u2019s share of its investments in joint ventures is represented by the following amounts in the underlying joint venture entities.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Joint
\u00a0
Joint
\u00a0
\u00a0
ventures
Group share
ventures
Group share
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net property income
\u2013
\u2013
3.8
1.9
Administrative expenses
\u2013
\u2013
(0.3)
(0.1)
Revaluation surplus
\u2013
\u2013
14.6
7.3
Share of results of underlying joint ventures
\u2013
\u2013
18.1
9.1
Impairment of additional deferred consideration
\u00a0
\u2013
\u00a0
(7.6)
Group share of results of joint ventures
\u00a0
\u2013
\u00a0
1.5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00194": { "value": "9\u2002Pro\ufb01t before tax
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
This is arrived at after charging:
\u00a0 \u00a0
Depreciation
0.8
1.0
Rent payable under headleases
1.9
1.5
Auditor\u2019s remuneration
\u00a0 \u00a0
Audit \u2013 Group
0.6
0.6
Audit \u2013 subsidiaries
\u2013
0.1
Non-audit fees
0.3
0.2
\n
In 2025, audit fees for the Group were \u00a3600,940 (2024: \u00a3572,650) and for the subsidiaries \u00a343,220 (2024: \u00a3101,325). Non-audit fees in
2025 included the review of the interim results \u00a376,986 (2024: \u00a374,025), green \ufb01nance assurance \u00a340,000 (2024: \u00a340,000), sustainability
assurance \u00a393,200 (2024: \u00a3nil), audit related assurance services \u00a370,000 (2024: \u00a371,000) and other non-audit services \u00a31,350 (2024:
\u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00195": { "value": "9\u2002Pro\ufb01t before tax
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
This is arrived at after charging:
\u00a0 \u00a0
Depreciation
0.8
1.0
Rent payable under headleases
1.9
1.5
Auditor\u2019s remuneration
\u00a0 \u00a0
Audit \u2013 Group
0.6
0.6
Audit \u2013 subsidiaries
\u2013
0.1
Non-audit fees
0.3
0.2
\n
In 2025, audit fees for the Group were \u00a3600,940 (2024: \u00a3572,650) and for the subsidiaries \u00a343,220 (2024: \u00a3101,325). Non-audit fees in
2025 included the review of the interim results \u00a376,986 (2024: \u00a374,025), green \ufb01nance assurance \u00a340,000 (2024: \u00a340,000), sustainability
assurance \u00a393,200 (2024: \u00a3nil), audit related assurance services \u00a370,000 (2024: \u00a371,000) and other non-audit services \u00a31,350 (2024:
\u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00196": { "value": "
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
This is arrived at after charging:
\u00a0 \u00a0
Depreciation
0.8
1.0
Rent payable under headleases
1.9
1.5
Auditor\u2019s remuneration
\u00a0 \u00a0
Audit \u2013 Group
0.6
0.6
Audit \u2013 subsidiaries
\u2013
0.1
Non-audit fees
0.3
0.2
\n16\u2002Property, plant and equipment
\u00a0
Owner-
\u00a0 \u00a0 \u00a0
\u00a0
occupied
Solar
\u00a0 \u00a0
\u00a0
property
park
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2025
49.0
\u2013
3.0
52.0
Additions
\u2013
9.7
0.2
9.9
Depreciation
\u2013
\u2013
(0.8)
(0.8)
Transfers
\u2013
2.5
\u2013
2.5
Revaluation
4.5
\u2013
\u2013
4.5
At 31 December 2025
53.5
12.2
2.4
68.1
At 1 January 2024
46.1
\u2013
3.8
49.9
Additions
\u2013
\u2013
0.3
0.3
Depreciation
\u2013
\u2013
(1.0)
(1.0)
Revaluation
2.9
\u2013
(0.1)
2.8
At 31 December 2024
49.0
\u2013
3.0
52.0
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
Cost or valuation
53.5
12.2
9.6
75.3
Accumulated depreciation
\u2013
\u2013
(7.2)
(7.2)
At 31 December 2025
53.5
12.2
2.4
68.1
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
Cost or valuation
49.0
\u2013
9.4
58.4
Accumulated depreciation
\u2013
\u2013
(6.4)
(6.4)
At 31 December 2024
49.0
\u2013
3.0
52.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00197": { "value": "10\u2002Directors\u2019 emoluments
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Remuneration for management services
4.7
4.6
Post-employment bene\ufb01ts
0.4
0.4
\u00a0
5.1
5.0
National insurance contributions
0.8
0.7
\u00a0
5.9
5.7
\n
An amount of \u00a30.8m (2024: \u00a31.2m) attributable to the Directors is included within share-based payments expense of \u00a32.0m (2024:
\u00a33.1m) relating to equity-settled schemes in note 11. This is in accordance with IFRS 2 Share-based Payment.
Details of the Directors\u2019 remuneration awards under the long-term incentive plan and options held by the Directors under the Group
share option schemes are given on pages 203 to 209 of the report of the Remuneration Committee. The only key management
personnel are the Directors.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00198": { "value": "11\u2002Employees
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Sta\ufb00 costs, including those of Directors:
\u00a0 \u00a0
Wages and salaries
19.6
20.2
Social security costs
3.6
3.4
Other pension costs
3.1
3.0
Share-based payments expense relating to equity-settled schemes
2.0
3.1
\u00a0
28.3
29.7
\n
Employee related costs of \u00a32.7m (2024: \u00a32.5m) are capitalised within interest capitalisation and sta\ufb00 costs in note 15 and another
\u00a32.7m (2024: \u00a32.7m) is included within service charge expense.
The monthly average number of employees in the Group during the year, excluding Directors, was 193 (2024: 185). Of the Group\u2019s
employees, there were 69 (2024: 64) whose costs were recharged or partially recharged to tenants via service charges. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00199": { "value": "11\u2002Employees
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Sta\ufb00 costs, including those of Directors:
\u00a0 \u00a0
Wages and salaries
19.6
20.2
Social security costs
3.6
3.4
Other pension costs
3.1
3.0
Share-based payments expense relating to equity-settled schemes
2.0
3.1
\u00a0
28.3
29.7
\n
Employee related costs of \u00a32.7m (2024: \u00a32.5m) are capitalised within interest capitalisation and sta\ufb00 costs in note 15 and another
\u00a32.7m (2024: \u00a32.7m) is included within service charge expense.
The monthly average number of employees in the Group during the year, excluding Directors, was 193 (2024: 185). Of the Group\u2019s
employees, there were 69 (2024: 64) whose costs were recharged or partially recharged to tenants via service charges. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00200": { "value": "12\u2002Share-based payments
Details of the options held by Directors under the Performance Share Plan (PSP) are given in the report of the Remuneration
Committee on page 206.
Equity-settled option scheme
The Employee Share Option Plan (\u2018ESOP\u2019) is designed to incentivise and retain eligible employees. The ESOP is separate to the PSP
disclosed in the report of the Remuneration Committee. The Directors are not entitled to any awards under the ESOP.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Adjusted
\u00a0 \u00a0\u00a0 \u00a0 \u00a0
\u00a0
Exercise
exercise
\u00a0
Movement in options
\u00a0
\u00a0
price
price
1
Outstanding at
\u00a0 \u00a0 \u00a0
Outstanding at
Year of grant
\u00a3
\u00a3
1 January
Granted
Exercised
Lapsed
31 December
For the year to 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2015
34.65
33.23
24,541
\u2013
\u2013
(24,541)
\u2013
2016
31.20
29.93
26,196
\u2013
\u2013
(3,342)
22,854
2017
28.93
27.75
54,063
\u2013
\u2013
(9,557)
44,506
2018
30.29
29.57
72,787
\u2013
\u2013
(14,575)
58,212
2019
32.43
32.43
92,075
\u2013
\u2013
(19,132)
72,943
2020
30.02
30.02
120,547
\u2013
\u2013
(17,772)
102,775
2021
33.28
33.28
151,275
\u2013
\u2013
(22,223)
129,052
2022
31.10
31.10
201,290
\u2013
\u2013
(25,890)
175,400
2023
22.86
22.86
276,017
\u2013
\u2013
(28,017)
248,000
2024
21.00
21.00
341,095
\u2013
\u2013
(32,902)
308,193
2025
17.83
17.83
\u2013
410,330
\u2013
(32,630)
377,700
\u00a0 \u00a0 \u00a0
1,359,886
410,330
\u2013
(230,581)
1,539,635
For the year to 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2014
27.39
26.27
11,474
\u2013
\u2013
(11,474)
\u2013
2015
34.65
33.23
26,625
\u2013
\u2013
(2,084)
24,541
2016
31.20
29.93
29,041
\u2013
\u2013
(2,845)
26,196
2017
28.93
27.75
57,668
\u2013
\u2013
(3,605)
54,063
2018
30.29
29.57
78,531
\u2013
\u2013
(5,744)
72,787
2019
32.43
32.43
100,515
\u2013
\u2013
(8,440)
92,075
2020
30.02
30.02
136,186
\u2013
\u2013
(15,639)
120,547
2021
33.28
33.28
165,629
\u2013
\u2013
(14,354)
151,275
2022
31.10
31.10
223,000
\u2013
\u2013
(21,710)
201,290
2023
22.86
22.86
324,850
\u2013
\u2013
(48,833)
276,017
2024
21.00
21.00
\u2013
380,200
\u2013
(39,105)
341,095
\u00a0 \u00a0 \u00a0
1,153,519
380,200
\u2013
(173,833)
1,359,886
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
31 December
31 December
1 January
\u00a0
2025
2024
2024
Number of shares:
\u00a0 \u00a0 \u00a0
Exercisable
605,742
541,484
440,040
Non-exercisable
933,893
818,402
713,479
Weighted average exercise price of share options:
\u00a0 \u00a0 \u00a0
Exercisable
\u00a331.14
\u00a331.24
\u00a330.33
Non-exercisable
\u00a320.21
\u00a324.11
\u00a327.86
Weighted average remaining contracted life of share options:
\u00a0 \u00a0 \u00a0
Exercisable
4.33 years
4.35 years
4.53 years
Non-exercisable
8.36 years
8.40 years
8.47 years
Weighted average exercise price of share options that lapsed:
\u00a0 \u00a0 \u00a0
Exercisable
\u00a331.49
\u00a330.35
\u00a330.31
Non-exercisable
\u00a320.45
\u00a323.83
\u00a330.58
\n
1
In 2018, following the payment of the special dividend of 75 pence per share, the Remuneration Committee exercised their discretion and adjusted the number of
outstanding unapproved \u2018B\u2019 options and their option price, to ensure participants were not disadvantaged by the payment to shareholders of the special dividend.
The weighted average share price at which options were exercised during 2025 was \u00a3nil (2024: \u00a3nil).
The weighted average fair value of options granted during 2025 was \u00a34.42 (2024: \u00a35.61).
The following information is relevant in the determination of the fair value of the options granted during 2025 and 2024 under the
equity-settled employee share plan operated by the Group.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Option pricing model used
Binomial lattice
Binomial lattice
Risk free interest rate
4.1%
4.1%
Volatility
30.0%
31.0%
Dividend yield
4.5%
3.4%
\n
For both the 2025 and 2024 grants, additional assumptions have been made that there is no employee turnover and 50% of
employees exercise early when the share options are 20% in the money and 50% of employees exercise early when the share options
are 100% in the money.
The volatility assumption, measured as the standard deviation of expected share price returns, is based on a statistical analysis of
daily prices over the last four years.
Save As You Earn scheme
The Save As You Earn (\u2018SAYE\u2019) plan is designed to allow employees (including Directors) to purchase shares in the Company in a tax
e\ufb03cient manner. The SAYE plan is an HMRC approved scheme. Employees can participate on an annual basis and save up to \u00a3250 per
month per grant. Further details are given in the report of the Remuneration Committee on page 208.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00201": { "value": "13\u2002Pension costs
The Group operates both a de\ufb01ned contribution scheme and a de\ufb01ned bene\ufb01t scheme. The latter was acquired as part of the
acquisition of London Merchant Securities plc in 2007 and is closed to new members. All new employees are entitled to join the de\ufb01ned
contribution scheme. The assets of the pension schemes are held separately from those of Group companies.
De\ufb01ned contribution plan
The total expense relating to this plan in the current year was \u00a32.6m (2024: \u00a32.3m).
De\ufb01ned bene\ufb01t plan
The Group sponsors the scheme which is a funded de\ufb01ned bene\ufb01t arrangement. This is a separate trustee-administered fund holding
the pension scheme assets to meet long-term pension liabilities for past employees. The Scheme closed to future bene\ufb01t accrual on
31 July 2019. The level of retirement bene\ufb01t is principally based on basic salary at the last scheme anniversary of employment prior to
leaving active service and increases at 5% pa in deferment.
The trustees of the scheme are required to act in the best interest of the scheme\u2019s bene\ufb01ciaries. The appointment of the trustees is
determined by the scheme\u2019s trust documentation. It is policy that one third of all trustees should be nominated by the members.
A full actuarial valuation was carried out as at 31 October 2022 in accordance with the scheme funding requirements of the Pensions
Act 2004 and the funding of the scheme is agreed between the Group and the trustees in line with those requirements. The funding
valuation requires the surplus/de\ufb01cit to be calculated using prudent actuarial assumptions, as opposed to best estimate assumptions
required for pensions accounting purposes.
The 2022 actuarial valuation showed a de\ufb01cit of \u00a32.8m. The Group agreed with the trustees that it will aim to eliminate the de\ufb01cit
over a period of 3 years and 2 months from 31 October 2022 by three payments of \u00a31.4m payable by 31 December 2022, 31 December
2023 and the \ufb01nal contribution by 31 December 2026. In addition, the Group has agreed with the trustees that the Group will meet
expenses of running the scheme and levies to the Pension Protection Fund separately. The estimated amount of total employer
contributions expected to be paid to the scheme during the year to 31 December 2026 is \u00a31.4m (31 December 2025 actual: \u00a3nil).
For the purposes of IAS 19 the actuarial valuation as at 31 October 2022, which was carried out by a quali\ufb01ed independent actuary,
has been updated on an approximate basis to 31 December 2025.
\n\n
Amounts included in the balance sheet
\n\n \n
2025
2024
\u00a3m
\u00a3m
Fair value of plan assets
34.7
35.2
Present value of de\ufb01ned bene\ufb01t obligation
(32.9)
(33.4)
Net asset
1.8
1.8
\n
The present value of the scheme liabilities is measured by discounting the best estimate of future cash \ufb02ows to be paid out by the
\n
scheme. The value calculated in this way is re\ufb02ected in the net asset in the balance sheet as shown above.
\n
All actuarial gains and losses are recognised in the year in which they occur in the Group Statement of Comprehensive income.
\n
Reconciliation of the impact of the asset ceiling
\n
We have considered the application of IFRIC 14 and deemed it to have no material e\ufb00ect on the IAS 19 \ufb01gures.
\n
Reconciliation of the opening and closing present value of the de\ufb01ned bene\ufb01t obligation
\n\n \n
2025
2024
\u00a3m
\u00a3m
At 1 January
33.4
37.6
Interest cost
1.7
1.6
Actuarial losses/(gains) due to changes in \ufb01nancial assumptions
0.5
(3.3)
Bene\ufb01ts paid, death in service premiums and expenses
(2.7)
(2.5)
At 31 December
32.9
33.4
\n
There have been no scheme amendments, curtailments or settlements in the year.
\n
Reconciliation of opening and closing values of the fair value of plan assets
\n\n \n
2025
2024
\u00a3m
\u00a3m
At 1 January
35.2
39.6
Interest income
1.8
1.7
Gain/(loss) on plan assets (excluding amounts included in interest income)
0.4
(3.7)
Bene\ufb01ts paid, death in service premiums and expenses
(2.7)
(2.5)
Other
\u2013
0.1
At 31 December
34.7
35.2
\n
The actual return on the plan assets including interest income over the year was a gain of \u00a32.2m (2024: loss of \u00a32.0m).
\n
De\ufb01ned bene\ufb01t income recognised in the income statement
\n\n \n
2025
2024
\u00a3m
\u00a3m
Net interest income
(0.1)
(0.1)
De\ufb01ned bene\ufb01t income recognised in the income statement
(0.1)
(0.1)
\n
Amounts recognised in other comprehensive income
\n\n \n
2025
2024
\u00a3m
\u00a3m
Gain/(loss) on plan assets (excluding amounts recognised in net interest cost)
0.4
(3.7)
(Loss)/gain from changes in the \ufb01nancial assumptions underlying the present value
of the de\ufb01ned bene\ufb01t obligation
(0.4)
3.3
Total loss recognised in other comprehensive income
\u2013
(0.4)
Fair value of plan assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
LDI
12.1
12.0
Other
(0.1)
0.1
Insured assets
22.7
23.1
Total assets
34.7
35.2
\n
The scheme\u2019s assets are held exclusively within instruments that are valued with inputs other than quoted prices in active markets,
but which are observable, with the exception of the holdings in insurance policies and the trustee\u2019s bank account. The insured assets
have been set equal to the value of the insured liabilities but before allowance has been made for the impact of equalising bene\ufb01ts for
the di\ufb00erent e\ufb00ects of Guaranteed Minimum Pensions for males and females.
The scheme does not invest directly in property occupied by the Group or in \ufb01nancial securities issued by the Group.
It is the policy of the trustees and the Group to review the investment strategy at the time of each funding valuation. The trustees\u2019
investment objectives and the processes undertaken to measure and manage the risks inherent in the plan investment strategy are
illustrated by the asset allocation at 31 December 2025.
Signi\ufb01cant actuarial assumptions
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
%
%
Discount rate
5.4
5.4
In\ufb02ation (RPI)
n/a
n/a
Salary increases
n/a
n/a
\n
The mortality assumptions adopted at 31 December 2025 are 85% of the standard tables S3NXA_L, year of birth, no age rating for
males and females, projected using CMI 2024 converging to 1.25% p.a. These imply the following life expectancies:
Life expectancy at age 65
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Years
Male retiring in 2025
24.8
Female retiring in 2025
26.4
Male retiring in 2045
26.0
Female retiring in 2045
27.7
\n
Analysis of the sensitivity to the principal assumptions of the present value of the de\ufb01ned bene\ufb01t obligation
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Change in assumption
Change in liabilities
Discount rate
Decrease of 0.25% p.a
Increase by 2.0%
Rate of mortality
Increase in life expectancy of one year
Increase by 5.0%
\n
The sensitivities shown above are approximate. Each sensitivity considers one change in isolation. The average duration of the de\ufb01ned
bene\ufb01t obligation at the year ended 31 December 2025 is 10 years (2024: 11 years) for the scheme as a whole or 18 years (2024: 18
years) when only considering non-insured members.
The scheme typically exposes the Group to actuarial risks such as investment risk, interest rate risk, salary growth risk, mortality risk
and longevity risk. A decrease in corporate bond yields or an increase in life expectancy would result in an increase to the scheme\u2019s
liabilities. This would detrimentally impact the balance sheet position and may give rise to increased charges in the income statement.
This e\ufb00ect would be partially o\ufb00set by an increase in the value of the scheme\u2019s LDI and gilt holdings.
The best estimate of contributions to be paid by the Group to the plan for the year commencing 1 January 2026 is \u00a31.4m.", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00202": { "value": "De\ufb01ned bene\ufb01t plan
The Group sponsors the scheme which is a funded de\ufb01ned bene\ufb01t arrangement. This is a separate trustee-administered fund holding
the pension scheme assets to meet long-term pension liabilities for past employees. The Scheme closed to future bene\ufb01t accrual on
31 July 2019. The level of retirement bene\ufb01t is principally based on basic salary at the last scheme anniversary of employment prior to
leaving active service and increases at 5% pa in deferment.
The trustees of the scheme are required to act in the best interest of the scheme\u2019s bene\ufb01ciaries. The appointment of the trustees is
determined by the scheme\u2019s trust documentation. It is policy that one third of all trustees should be nominated by the members.
A full actuarial valuation was carried out as at 31 October 2022 in accordance with the scheme funding requirements of the Pensions
Act 2004 and the funding of the scheme is agreed between the Group and the trustees in line with those requirements. The funding
valuation requires the surplus/de\ufb01cit to be calculated using prudent actuarial assumptions, as opposed to best estimate assumptions
required for pensions accounting purposes.
The 2022 actuarial valuation showed a de\ufb01cit of \u00a32.8m. The Group agreed with the trustees that it will aim to eliminate the de\ufb01cit
over a period of 3 years and 2 months from 31 October 2022 by three payments of \u00a31.4m payable by 31 December 2022, 31 December
2023 and the \ufb01nal contribution by 31 December 2026. In addition, the Group has agreed with the trustees that the Group will meet
expenses of running the scheme and levies to the Pension Protection Fund separately. The estimated amount of total employer
contributions expected to be paid to the scheme during the year to 31 December 2026 is \u00a31.4m (31 December 2025 actual: \u00a3nil).
For the purposes of IAS 19 the actuarial valuation as at 31 October 2022, which was carried out by a quali\ufb01ed independent actuary,
has been updated on an approximate basis to 31 December 2025.
\n\n
Amounts included in the balance sheet
\n\n \n
2025
2024
\u00a3m
\u00a3m
Fair value of plan assets
34.7
35.2
Present value of de\ufb01ned bene\ufb01t obligation
(32.9)
(33.4)
Net asset
1.8
1.8
\n
The present value of the scheme liabilities is measured by discounting the best estimate of future cash \ufb02ows to be paid out by the
\n
scheme. The value calculated in this way is re\ufb02ected in the net asset in the balance sheet as shown above.
\n
All actuarial gains and losses are recognised in the year in which they occur in the Group Statement of Comprehensive income.
\n
Reconciliation of the impact of the asset ceiling
\n
We have considered the application of IFRIC 14 and deemed it to have no material e\ufb00ect on the IAS 19 \ufb01gures.
\n
Reconciliation of the opening and closing present value of the de\ufb01ned bene\ufb01t obligation
\n\n \n
2025
2024
\u00a3m
\u00a3m
At 1 January
33.4
37.6
Interest cost
1.7
1.6
Actuarial losses/(gains) due to changes in \ufb01nancial assumptions
0.5
(3.3)
Bene\ufb01ts paid, death in service premiums and expenses
(2.7)
(2.5)
At 31 December
32.9
33.4
\n
There have been no scheme amendments, curtailments or settlements in the year.
\n
Reconciliation of opening and closing values of the fair value of plan assets
\n\n \n
2025
2024
\u00a3m
\u00a3m
At 1 January
35.2
39.6
Interest income
1.8
1.7
Gain/(loss) on plan assets (excluding amounts included in interest income)
0.4
(3.7)
Bene\ufb01ts paid, death in service premiums and expenses
(2.7)
(2.5)
Other
\u2013
0.1
At 31 December
34.7
35.2
\n
The actual return on the plan assets including interest income over the year was a gain of \u00a32.2m (2024: loss of \u00a32.0m).
\n
De\ufb01ned bene\ufb01t income recognised in the income statement
\n\n \n
2025
2024
\u00a3m
\u00a3m
Net interest income
(0.1)
(0.1)
De\ufb01ned bene\ufb01t income recognised in the income statement
(0.1)
(0.1)
\n
Amounts recognised in other comprehensive income
\n\n \n
2025
2024
\u00a3m
\u00a3m
Gain/(loss) on plan assets (excluding amounts recognised in net interest cost)
0.4
(3.7)
(Loss)/gain from changes in the \ufb01nancial assumptions underlying the present value
of the de\ufb01ned bene\ufb01t obligation
(0.4)
3.3
Total loss recognised in other comprehensive income
\u2013
(0.4)
Fair value of plan assets
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
LDI
12.1
12.0
Other
(0.1)
0.1
Insured assets
22.7
23.1
Total assets
34.7
35.2
\n
The scheme\u2019s assets are held exclusively within instruments that are valued with inputs other than quoted prices in active markets,
but which are observable, with the exception of the holdings in insurance policies and the trustee\u2019s bank account. The insured assets
have been set equal to the value of the insured liabilities but before allowance has been made for the impact of equalising bene\ufb01ts for
the di\ufb00erent e\ufb00ects of Guaranteed Minimum Pensions for males and females.
The scheme does not invest directly in property occupied by the Group or in \ufb01nancial securities issued by the Group.
It is the policy of the trustees and the Group to review the investment strategy at the time of each funding valuation. The trustees\u2019
investment objectives and the processes undertaken to measure and manage the risks inherent in the plan investment strategy are
illustrated by the asset allocation at 31 December 2025.
Signi\ufb01cant actuarial assumptions
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
%
%
Discount rate
5.4
5.4
In\ufb02ation (RPI)
n/a
n/a
Salary increases
n/a
n/a
\n
The mortality assumptions adopted at 31 December 2025 are 85% of the standard tables S3NXA_L, year of birth, no age rating for
males and females, projected using CMI 2024 converging to 1.25% p.a. These imply the following life expectancies:
Life expectancy at age 65
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Years
Male retiring in 2025
24.8
Female retiring in 2025
26.4
Male retiring in 2045
26.0
Female retiring in 2045
27.7
\n
Analysis of the sensitivity to the principal assumptions of the present value of the de\ufb01ned bene\ufb01t obligation
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Change in assumption
Change in liabilities
Discount rate
Decrease of 0.25% p.a
Increase by 2.0%
Rate of mortality
Increase in life expectancy of one year
Increase by 5.0%
\n
The sensitivities shown above are approximate. Each sensitivity considers one change in isolation. The average duration of the de\ufb01ned
bene\ufb01t obligation at the year ended 31 December 2025 is 10 years (2024: 11 years) for the scheme as a whole or 18 years (2024: 18
years) when only considering non-insured members.
The scheme typically exposes the Group to actuarial risks such as investment risk, interest rate risk, salary growth risk, mortality risk
and longevity risk. A decrease in corporate bond yields or an increase in life expectancy would result in an increase to the scheme\u2019s
liabilities. This would detrimentally impact the balance sheet position and may give rise to increased charges in the income statement.
This e\ufb00ect would be partially o\ufb00set by an increase in the value of the scheme\u2019s LDI and gilt holdings.
The best estimate of contributions to be paid by the Group to the plan for the year commencing 1 January 2026 is \u00a31.4m.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00203": { "value": "14\u2002Tax charge \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Corporation tax
\u00a0 \u00a0
UK corporation tax and income tax in respect of results for the year
\u2013
\u2013
Corporation tax charge
\u2013
\u2013
Deferred tax
\u00a0 \u00a0
Origination and reversal of temporary di\ufb00erences
0.4
0.1
Deferred tax charge
0.4
0.1
Tax charge
0.4
0.1
\n
A deferred tax charge of \u00a30.4m has passed through the Group income statement (2024: charge of \u00a30.1m). More information regarding
deferred tax can be found in note 28.
The main rate of corporation tax for 2025 was 25.0% (2024: 25.0%). The di\ufb00erence between the main rate and the tax charge for the
Group are explained below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Pro\ufb01t before tax
161.5
116.0
Expected tax charge based on the standard rate of corporation tax in the UK of 25.0% (2024: 25.0%)
40.4
29.0
Di\ufb00erence between tax and accounting pro\ufb01t on disposals
1.3
(2.1)
REIT exempt income
(19.4)
(23.7)
Revaluation (surplus)/de\ufb01cit attributable to REIT properties
(13.7)
1.2
Expenses and fair value adjustments not allowable for tax purposes
1.9
3.6
Capital allowances
(10.5)
(8.2)
Other di\ufb00erences
0.4
0.3
Tax charge
0.4
0.1
28\u2002Deferred tax \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Revaluation
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
At 1 January 2025
3.5
(2.7)
0.8
Charged to the income statement
(0.1)
0.5
0.4
Charged to other comprehensive income
1.1
\u2013
1.1
At 31 December 2025
4.5
(2.2)
2.3
At 1 January 2024
2.8
(2.7)
0.1
Charged to the income statement
0.1
\u2013
0.1
Charged to other comprehensive income
0.6
\u2013
0.6
At 31 December 2024
3.5
(2.7)
0.8
\n
Deferred tax on the balance sheet revaluation is calculated on the basis of the chargeable gains that would crystallise on the sale of
the property portfolio at each balance sheet date. The calculation takes account of any available indexation on the historical cost of
the properties. Due to the Group\u2019s REIT status, deferred tax is only provided at each balance sheet date on properties outside the REIT
regime.
Deferred tax assets have been recognised in respect of all tax losses and other temporary di\ufb00erences where the Directors believe it is
probable that these assets will be recovered.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00204": { "value": "15\u2002Property portfolio \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Total
Owner-
Assets
\u00a0
Total
\u00a0 \u00a0 \u00a0
investment
occupied
held for
Trading
property
\u00a0
Freehold
Leasehold
property
property
sale
property
portfolio
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Carrying value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
3,209.7
1,460.4
4,670.1
49.0
25.7
115.7
4,860.5
Acquisitions
0.2
5.8
6.0
\u2013
\u2013
\u2013
6.0
Capital expenditure
92.9
38.5
131.4
\u2013
\u2013
24.7
156.1
Interest capitalisation and sta\ufb00 costs
7.4
6.8
14.2
\u2013
\u2013
2.3
16.5
Additions
100.5
51.1
151.6
\u2013
\u2013
27.0
178.6
Disposals
(51.2)
\u2013
(51.2)
\u2013
(25.7)
(109.8)
(186.7)
Revaluation
57.3
(5.1)
52.2
4.5
\u2013
\u2013
56.7
Movement in grossing up
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
of headlease liabilities
\u2013
5.9
5.9
\u2013
\u2013
\u2013
5.9
At 31 December 2025
3,316.3
1,512.3
4,828.6
53.5
\u2013
32.9
4,915.0
At 1 January 2024
3,280.5
1,270.9
4,551.4
46.1
\u2013
60.0
4,657.5
Acquisitions
\u2013
47.0
47.0
\u2013
\u2013
\u2013
47.0
Capital expenditure
82.0
42.8
124.8
\u2013
\u2013
57.3
182.1
Interest capitalisation and sta\ufb00 costs
3.4
7.5
10.9
\u2013
\u2013
2.0
12.9
Additions
85.4
97.3
182.7
\u2013
\u2013
59.3
242.0
Disposals
(78.7)
(0.6)
(79.3)
\u2013
\u2013
(3.6)
(82.9)
Transfer from joint venture
\u2013
44.4
44.4
\u2013
\u2013
\u2013
44.4
Transfers
(25.7)
\u2013
(25.7)
\u2013
25.7
\u2013
\u2013
Revaluation
(51.8)
49.1
(2.7)
2.9
\u2013
\u2013
0.2
Movement in grossing up
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
of headlease liabilities
\u2013
(0.7)
(0.7)
\u2013
\u2013
\u2013
(0.7)
At 31 December 2024
3,209.7
1,460.4
4,670.1
49.0
25.7
115.7
4,860.5
Adjustments from fair value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
to carrying value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair value
3,472.0
1,535.1
5,007.1
53.5
\u2013
33.3
5,093.9
Revaluation of trading property
\u2013
\u2013
\u2013
\u2013
\u2013
(0.4)
(0.4)
Lease incentives and costs
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
included in receivables
(155.7)
(61.8)
(217.5)
\u2013
\u2013
\u2013
(217.5)
Grossing up of headlease liabilities
\u2013
39.0
39.0
\u2013
\u2013
\u2013
39.0
Carrying value
3,316.3
1,512.3
4,828.6
53.5
\u2013
32.9
4,915.0
At 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair value
3,374.1
1,475.7
4,849.8
49.0
26.0
116.3
5,041.1
Selling costs relating
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
to assets held for sale
\u2013
\u2013
\u2013
\u2013
(0.3)
\u2013
(0.3)
Revaluation of trading property
\u2013
\u2013
\u2013
\u2013
\u2013
(0.6)
(0.6)
Lease incentives and costs
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
included in receivables
(164.4)
(48.4)
(212.8)
\u2013
\u2013
\u2013
(212.8)
Grossing up of headlease liabilities
\u2013
33.1
33.1
\u2013
\u2013
\u2013
33.1
Carrying value
3,209.7
1,460.4
4,670.1
49.0
25.7
115.7
4,860.5
\n
The property portfolio is subject to semi-annual external valuations and was revalued at 31 December 2025 by external valuers on the
basis of fair value in accordance with The RICS Valuation \u2013 Professional Standards, which takes account of the properties\u2019 highest and
best use. When considering the highest and best use of a property, the external valuers will consider its existing and potential uses
which are physically, legally and \ufb01nancially viable. Where the highest and best use di\ufb00ers from the existing use, the external valuers
will consider the costs and the likelihood of achieving and implementing this change in arriving at the property valuation. There were
no such instances during either 2025 or 2024.
The external valuations for the portfolio at 31 December 2025 were carried out by Knight Frank LLP.
Knight Frank valued the portfolio at \u00a35,093.9m (2024: \u00a35,041.1m). Of the properties revalued, \u00a353.5m (2024: \u00a349.0m) relating to
owner-occupied property was included within property, plant and equipment and \u00a333.3m (2024: \u00a3116.3m) was in relation to trading
property.
The total fees, including the fee for this assignment, earned by Knight Frank (or other companies forming part of the same group of
companies within the UK) from the Group is less than 5.0% of their total UK revenues.
Sta\ufb00 and associated costs directly attributable to the management of major schemes are capitalised, based on the proportion of
time spent on each relevant scheme.
In October 2024, the Group acquired the remaining 50% interest of the Derwent Lazari Baker Street Partnership (the \u2018joint venture\u2019)
from Lazari Investments Limited (\u2018Lazari\u2019). Following the acquisition, the Group\u2019s 50% interest in the joint venture was consolidated
into the Group\u2019s property portfolio.
Net zero carbon and EPC compliance
The Group published its pathway to net zero carbon in July 2020 and has set 2030 as its target date to achieve this. \u00a388.9m (year to
31 December 2024: \u00a3123.9m) of eligible \u2018green\u2019 capital expenditure, in accordance with the Group\u2019s Green Finance Framework, was
incurred in the year to 31 December 2025 on the major developments at 80 Charlotte Street W1, 1 Soho Place W1, The Featherstone
Building EC1, 25 Baker Street W1 and Network W1. In addition, the Group continues to hold carbon credits to support certain externally
validated green projects to o\ufb00set embodied carbon.
To quantify one of the impacts of climate change on the valuation, an independent third-party assessment was carried out in 2021 to
estimate the cost of EPC upgrades across the portfolio. Following a review of the latest scope changes in building regulation,
subsequent in\ufb02ation, disposals, and work carried out to date, the estimated amount was \u00a373.7m at the end of 2025. Of this amount, a
speci\ufb01c deduction of \u00a331m was included in the 31 December 2025 external valuation. In addition, further amounts have been allowed
for in the expected costs of future refurbishment projects. Any committed capital expenditure has been included in note 33.
Reconciliation of revaluation surplus/(de\ufb01cit)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Total revaluation surplus/(de\ufb01cit)
67.5
(1.8)
Less:
\u00a0 \u00a0
Lease incentives and costs
(8.7)
(7.2)
Assets held for sale selling costs
\u2013
(0.3)
Trading property revaluation adjustment
(2.0)
9.1
Other
(0.1)
0.4
IFRS revaluation surplus
56.7
0.2
Reported in the:
\u00a0 \u00a0
Revaluation surplus/(de\ufb01cit)
52.2
(2.7)
Group income statement
52.2
(2.7)
Group statement of comprehensive income
4.5
2.9
\u00a0
56.7
0.2
Valuation process
\n
The valuation reports produced by the external valuers are based on information provided by the Group such as current rents, terms
\n
and conditions of lease agreements, service charges and capital expenditure. This information is derived from the Group\u2019s \ufb01nancial
\n
and property management systems and is subject to the Group\u2019s overall control environment. In addition, the valuation reports are
\n
based on assumptions and valuation models used by the external valuers. The assumptions are typically market related, such as yields
\n
and discount rates, and are based on their professional judgement and market observation and take into account the impact of
\n
climate change and related environmental, social and governance considerations. Each property is considered a separate asset class
\n
based on the unique nature, characteristics and risks of the property.
\n
Members of the Group\u2019s investments team, who report to the Executive Director responsible for the valuation process, verify all major
\n
inputs to the external valuation reports, assess the individual property valuation changes from the prior year valuation report and
\n
hold discussions with the external valuers. When this process is complete, the valuation report is recommended to the Audit
\n
Committee, which considers it as part of its overall responsibilities.
\n
Valuation techniques
\n
The fair value of the property portfolio has been determined using an income capitalisation technique, whereby contracted and
\n
market rental values are capitalised with a market capitalisation rate. The resulting valuations are cross-checked against the
\n
equivalent yields and the fair market values per square foot derived from comparable recent market transactions on arm\u2019s length
\n
terms.
\n
For properties under construction, the fair value is calculated by estimating the fair value of the completed property using the income
\n
capitalisation technique less estimated costs to completion and a risk premium.
\n
These techniques are consistent with the principles in IFRS 13 Fair Value Measurement and use signi\ufb01cant unobservable inputs such
\n
that the fair value measurement of each property within the portfolio has been classi\ufb01ed as Level 3 in the fair value hierarchy.
\n
There were no transfers between levels in the fair value hierarchy during either 2025 or 2024.
\n
Gains and losses recorded in pro\ufb01t or loss for recurring fair value measurements categorised within Level 3 of the fair value hierarchy
\n
amount to a gain of \u00a352.2m (2024: loss of \u00a32.7m) and are presented in the Group income statement in the line item \u2018revaluation
\n
surplus/(de\ufb01cit)\u2019. The revaluation surplus for the owner-occupied property of \u00a34.5m (2024: surplus of \u00a32.9m) was included within the
\n
Group statement of comprehensive income.
\n
All gains and losses recorded in pro\ufb01t or loss in 2025 and 2024 for recurring fair value measurements categorised within Level 3 of the
\n
fair value hierarchy are attributable to changes in unrealised gains or losses relating to investment property held at 31 December 2025
\n
and 31 December 2024, respectively.
Quantitative information about fair value measurement using unobservable inputs (Level 3)
\n\n \n
West End
Provincial
At 31 December 2025
West End central
borders/other
City borders
commercial
Provincial land
Total
Income
Income
Income
Income
Income
Valuation technique
capitalisation
capitalisation
capitalisation
capitalisation
capitalisation
Fair value (\u00a3m)
3,527.8
273.2
1,178.7
74.5
39.7
5,093.9
Area ('000 sq ft)
2,966
377
1,564
351
\u2013
5,258
Range of unobservable inputs
1
:
Gross ERV (per sq ft pa)
Minimum
\u00a335
\u00a325
\u00a322
\u00a3nil
n/a
2
Maximum
\u00a3123
\u00a359
\u00a375
\u00a316
n/a
2
Weighted average
\u00a376
\u00a351
\u00a358
\u00a316
n/a
2
Net initial yield
Minimum
2.3%
2.0%
3.8%
2.9%
0.0%
Maximum
9.4%
7.0%
7.3%
2.9%
2.4%
Weighted average
2.9%
6.2%
5.2%
2.9%
2.4%
Reversionary yield
Minimum
3.2%
4.4%
3.3%
6.9%
0.0%
Maximum
9.6%
6.9%
8.7%
6.9%
2.4%
Weighted average
5.5%
6.6%
7.0%
6.9%
2.4%
True equivalent yield
(EPRA basis)
Minimum
3.2%
4.2%
5.2%
7.0%
0.0%
Maximum
7.6%
7.3%
7.6%
7.0%
0.0%
Weighted average
5.3%
6.9%
6.3%
7.0%
0.0%
At 31 December 2024
Income
Income
Income
Income
Income
Valuation technique
capitalisation
capitalisation
capitalisation
capitalisation
capitalisation
Fair value (\u00a3m)
3,473.1
301.7
1,173.4
53.9
39.0
5,041.1
Area ('000 sq ft)
3,040
429
1,562
325
\u2013
5,356
Range of unobservable inputs
1
:
Gross ERV (per sq ft pa)
Minimum
\u00a332
\u00a324
\u00a338
\u00a3nil
n/a
2
Maximum
\u00a3118
\u00a359
\u00a375
\u00a315
n/a
2
Weighted average
\u00a369
\u00a352
\u00a357
\u00a315
n/a
2
Net initial yield
Minimum
3.1%
2.5%
3.3%
7.0%
0.0%
Maximum
9.9%
6.8%
6.9%
7.0%
1.4%
Weighted average
3.1%
5.6%
5.2%
7.0%
1.4%
Reversionary yield
Minimum
3.2%
4.8%
3.3%
6.9%
0.0%
Maximum
9.7%
11.4%
8.3%
6.9%
1.4%
Weighted average
5.4%
6.9%
6.9%
6.9%
1.4%
True equivalent yield
(EPRA basis)
Minimum
3.2%
4.4%
5.3%
7.2%
0.0%
Maximum
6.6%
7.1%
6.9%
7.2%
0.0%
Weighted average
5.3%
6.8%
6.3%
7.2%
0.0%
\n
1
Costs to complete are not deemed a signi\ufb01cant unobservable input by virtue of the high percentage that is already \ufb01xed.
\n
2
There is no calculation of gross ERV per sq ft pa. The land totals 5,500 acres.
Sensitivity of measurement to variations in the signi\ufb01cant unobservable inputs
The signi\ufb01cant unobservable inputs used in the fair value measurement categorised within Level 3 of the fair value hierarchy of the
Group\u2019s property portfolio, together with the impact of signi\ufb01cant movements in these inputs on the fair value measurement, are
shown below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Impact on fair value measurement
Impact on fair value measurement
Unobservable input
of signi\ufb01cant increase in input
of signi\ufb01cant decrease in input
Gross ERV
Increase
Decrease
Net initial yield
Decrease
Increase
Reversionary yield
Decrease
Increase
True equivalent yield
Decrease
Increase
\n
There are inter-relationships between these inputs as they are partially determined by market conditions. An increase in the
reversionary yield may accompany an increase in gross ERV and would mitigate its impact on the fair value measurement.
A sensitivity analysis was performed to ascertain the impact on the fair value of a 25 basis point shift in true equivalent yield and a
\u00a32.50 per sq ft shift in ERV on the property valuations. The Group believes this captures the range of variations in these key valuation
assumptions. The results are shown in the tables below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
West End
\u00a0 \u00a0 \u00a0
\u00a0
West End
borders/
City
Provincial
\u00a0
\u00a0
central
other
borders
commercial
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
True equivalent yield
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
+25bp
(125.8)
(9.6)
(44.8)
(2.6)
(181.2)
- 25bp
138.2
10.3
48.5
2.8
197.8
ERV
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
+\u00a32.50 psf
116.8
13.4
51.2
10.5
197.2
- \u00a32.50 psf
(116.8)
(13.4)
(51.2)
(10.5)
(197.2)
At 31 December 2024
1
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
True equivalent yield
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
+25bp
(127.1)
(10.7)
(44.6)
(1.8)
(182.6)
- 25bp
139.7
11.5
48.2
1.9
199.3
ERV
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
+\u00a32.50 psf
102.9
14.4
51.6
8.9
179.2
- \u00a32.50 psf
(102.9)
(14.4)
(51.6)
(8.9)
(179.2)
\n
1
These amounts have been re-presented from percentages to pound sterling (\u00a3).
Historical cost
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Investment property
3,856.1
3,746.4
Owner-occupied property
19.6
19.6
Assets held for sale
\u2013
28.8
Trading property
42.9
132.9
Total property portfolio
3,918.6
3,927.7
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDetailedInformationAboutInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00205": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Total
Owner-
Assets
\u00a0
Total
\u00a0 \u00a0 \u00a0
investment
occupied
held for
Trading
property
\u00a0
Freehold
Leasehold
property
property
sale
property
portfolio
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Carrying value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 1 January 2025
3,209.7
1,460.4
4,670.1
49.0
25.7
115.7
4,860.5
Acquisitions
0.2
5.8
6.0
\u2013
\u2013
\u2013
6.0
Capital expenditure
92.9
38.5
131.4
\u2013
\u2013
24.7
156.1
Interest capitalisation and sta\ufb00 costs
7.4
6.8
14.2
\u2013
\u2013
2.3
16.5
Additions
100.5
51.1
151.6
\u2013
\u2013
27.0
178.6
Disposals
(51.2)
\u2013
(51.2)
\u2013
(25.7)
(109.8)
(186.7)
Revaluation
57.3
(5.1)
52.2
4.5
\u2013
\u2013
56.7
Movement in grossing up
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
of headlease liabilities
\u2013
5.9
5.9
\u2013
\u2013
\u2013
5.9
At 31 December 2025
3,316.3
1,512.3
4,828.6
53.5
\u2013
32.9
4,915.0
At 1 January 2024
3,280.5
1,270.9
4,551.4
46.1
\u2013
60.0
4,657.5
Acquisitions
\u2013
47.0
47.0
\u2013
\u2013
\u2013
47.0
Capital expenditure
82.0
42.8
124.8
\u2013
\u2013
57.3
182.1
Interest capitalisation and sta\ufb00 costs
3.4
7.5
10.9
\u2013
\u2013
2.0
12.9
Additions
85.4
97.3
182.7
\u2013
\u2013
59.3
242.0
Disposals
(78.7)
(0.6)
(79.3)
\u2013
\u2013
(3.6)
(82.9)
Transfer from joint venture
\u2013
44.4
44.4
\u2013
\u2013
\u2013
44.4
Transfers
(25.7)
\u2013
(25.7)
\u2013
25.7
\u2013
\u2013
Revaluation
(51.8)
49.1
(2.7)
2.9
\u2013
\u2013
0.2
Movement in grossing up
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
of headlease liabilities
\u2013
(0.7)
(0.7)
\u2013
\u2013
\u2013
(0.7)
At 31 December 2024
3,209.7
1,460.4
4,670.1
49.0
25.7
115.7
4,860.5
Adjustments from fair value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
to carrying value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
At 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair value
3,472.0
1,535.1
5,007.1
53.5
\u2013
33.3
5,093.9
Revaluation of trading property
\u2013
\u2013
\u2013
\u2013
\u2013
(0.4)
(0.4)
Lease incentives and costs
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
included in receivables
(155.7)
(61.8)
(217.5)
\u2013
\u2013
\u2013
(217.5)
Grossing up of headlease liabilities
\u2013
39.0
39.0
\u2013
\u2013
\u2013
39.0
Carrying value
3,316.3
1,512.3
4,828.6
53.5
\u2013
32.9
4,915.0
At 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Fair value
3,374.1
1,475.7
4,849.8
49.0
26.0
116.3
5,041.1
Selling costs relating
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
to assets held for sale
\u2013
\u2013
\u2013
\u2013
(0.3)
\u2013
(0.3)
Revaluation of trading property
\u2013
\u2013
\u2013
\u2013
\u2013
(0.6)
(0.6)
Lease incentives and costs
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
included in receivables
(164.4)
(48.4)
(212.8)
\u2013
\u2013
\u2013
(212.8)
Grossing up of headlease liabilities
\u2013
33.1
33.1
\u2013
\u2013
\u2013
33.1
Carrying value
3,209.7
1,460.4
4,670.1
49.0
25.7
115.7
4,860.5
\n
The property portfolio is subject to semi-annual external valuations and was revalued at 31 December 2025 by external valuers on the
basis of fair value in accordance with The RICS Valuation \u2013 Professional Standards, which takes account of the properties\u2019 highest and
best use. When considering the highest and best use of a property, the external valuers will consider its existing and potential uses
which are physically, legally and \ufb01nancially viable. Where the highest and best use di\ufb00ers from the existing use, the external valuers
will consider the costs and the likelihood of achieving and implementing this change in arriving at the property valuation. There were
no such instances during either 2025 or 2024.
The external valuations for the portfolio at 31 December 2025 were carried out by Knight Frank LLP.
Knight Frank valued the portfolio at \u00a35,093.9m (2024: \u00a35,041.1m). Of the properties revalued, \u00a353.5m (2024: \u00a349.0m) relating to
owner-occupied property was included within property, plant and equipment and \u00a333.3m (2024: \u00a3116.3m) was in relation to trading
property.
The total fees, including the fee for this assignment, earned by Knight Frank (or other companies forming part of the same group of
companies within the UK) from the Group is less than 5.0% of their total UK revenues.
Sta\ufb00 and associated costs directly attributable to the management of major schemes are capitalised, based on the proportion of
time spent on each relevant scheme.
In October 2024, the Group acquired the remaining 50% interest of the Derwent Lazari Baker Street Partnership (the \u2018joint venture\u2019)
from Lazari Investments Limited (\u2018Lazari\u2019). Following the acquisition, the Group\u2019s 50% interest in the joint venture was consolidated
into the Group\u2019s property portfolio.\u2018Solar park\u2019 at 31 December 2025 represents \u00a312.2m of expenditure in relation to the Group\u2019s c.100 acre, 18.4MW solar park in Scotland.
Of the total \u00a312.2m of costs, \u00a32.5m was transferred in the period from prepayments as the costs now meet the criteria for recognition
within Property, plant and equipment (see note 20). Planning consent for this project was received in June 2023 with completion
anticipated in 2026.
Artwork \u00a30.7m (2024: \u00a30.7m) is included within \u2018Other\u2019 and is periodically valued by Bonhams on the basis of fair value using their
extensive market knowledge. The latest valuation was carried out in December 2024. In accordance with IFRS 13 Fair Value
Measurement, the artwork is deemed to be classi\ufb01ed as Level 3.Fair value measurement
The table below shows the fair values, where applicable, of borrowings and derivative \ufb01nancial instruments held by the Group,
together with a reconciliation to net \ufb01nancial assets and liabilities. Details of inputs and valuation methods used to derive the fair
values are shown in note 24.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
\u00a0
\u00a0
Carrying value
Fair value
Fair value
\u00a0
\u00a3m
\u00a3m
hierarchy
At 31 December 2025
\u00a0 \u00a0 \u00a0
5.25% unsecured bonds
(247.5)
(255.2)
Level 1
6.5% secured bonds
(176.6)
(175.7)
Level 1
1.875% unsecured green bonds
(347.6)
(298.3)
Level 1
Unsecured private placement notes
(453.7)
(404.2)
Level 2
Bank borrowings due after one year
(261.2)
(265.0)
Level 2
\u00a0
(1,486.6)
(1,398.4)
\u00a0
Amounts not fair valued:
\u00a0 \u00a0 \u00a0
Cash and cash equivalents
131.7
\u00a0 \u00a0
Other assets \u2013 current
6.6
\u00a0 \u00a0
Leasehold liabilities
(41.0)
\u00a0 \u00a0
Other liabilities \u2013 current
(119.8)
\u00a0 \u00a0
Net \ufb01nancial assets and liabilities
(1,509.1)
\u00a0 \u00a0
At 31 December 2024
\u00a0 \u00a0 \u00a0
1.5% unsecured convertible bonds
(174.1)
(171.6)
Level 1
6.5% secured bonds
(178.1)
(176.7)
Level 1
1.875% unsecured green bonds
(347.2)
(281.2)
Level 1
Unsecured private placement notes
(453.6)
(391.3)
Level 2
Bank borrowings due after one year
(290.5)
(293.0)
Level 2
Other loans
(20.0)
(20.0)
Level 2
Derivative \ufb01nancial instruments
0.6
0.6
Level 2
\u00a0
(1,462.9)
(1,333.2)
\u00a0
Amounts not fair valued:
\u00a0 \u00a0 \u00a0
Cash and cash equivalents
71.4
\u00a0 \u00a0
Other assets \u2013 current
17.6
\u00a0 \u00a0
Leasehold liabilities
(34.6)
\u00a0 \u00a0
Other liabilities \u2013 current
(117.4)
\u00a0 \u00a0
Net \ufb01nancial assets and liabilities
(1,525.9)
\u00a0 \u00a0
\n
The fair values of the following \ufb01nancial assets and liabilities are the same as their carrying values:
\ue001
Cash and cash equivalents.
\ue001
Trade receivables, other receivables and accrued income included within trade and other receivables.
\ue001
Trade payables, other payables and accruals included within trade and other payables.
\ue001
Leasehold liabilities.
There have been no transfers between levels in either 2025 or 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00206": { "value": "16\u2002Property, plant and equipment
\u00a0
Owner-
\u00a0 \u00a0 \u00a0
\u00a0
occupied
Solar
\u00a0 \u00a0
\u00a0
property
park
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2025
49.0
\u2013
3.0
52.0
Additions
\u2013
9.7
0.2
9.9
Depreciation
\u2013
\u2013
(0.8)
(0.8)
Transfers
\u2013
2.5
\u2013
2.5
Revaluation
4.5
\u2013
\u2013
4.5
At 31 December 2025
53.5
12.2
2.4
68.1
At 1 January 2024
46.1
\u2013
3.8
49.9
Additions
\u2013
\u2013
0.3
0.3
Depreciation
\u2013
\u2013
(1.0)
(1.0)
Revaluation
2.9
\u2013
(0.1)
2.8
At 31 December 2024
49.0
\u2013
3.0
52.0
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
Cost or valuation
53.5
12.2
9.6
75.3
Accumulated depreciation
\u2013
\u2013
(7.2)
(7.2)
At 31 December 2025
53.5
12.2
2.4
68.1
Net book value
\u00a0 \u00a0 \u00a0 \u00a0
Cost or valuation
49.0
\u2013
9.4
58.4
Accumulated depreciation
\u2013
\u2013
(6.4)
(6.4)
At 31 December 2024
49.0
\u2013
3.0
52.0
\n
\u2018Solar park\u2019 at 31 December 2025 represents \u00a312.2m of expenditure in relation to the Group\u2019s c.100 acre, 18.4MW solar park in Scotland.
Of the total \u00a312.2m of costs, \u00a32.5m was transferred in the period from prepayments as the costs now meet the criteria for recognition
within Property, plant and equipment (see note 20). Planning consent for this project was received in June 2023 with completion
anticipated in 2026.
Artwork \u00a30.7m (2024: \u00a30.7m) is included within \u2018Other\u2019 and is periodically valued by Bonhams on the basis of fair value using their
extensive market knowledge. The latest valuation was carried out in December 2024. In accordance with IFRS 13 Fair Value
Measurement, the artwork is deemed to be classi\ufb01ed as Level 3.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00207": { "value": "17\u2002Trading stock
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trading stock
17.8
17.5
Disposals (see note 5)
(17.8)
\u2013
Trading stock
\u2013
17.5
\n
Trading stock related to capitalised development expenditure incurred which was due to be transferred under development
agreements to the freeholder upon completion. This was included in trading stock, as opposed to trading property, as the Group did
not have an ownership interest in the property.
In 2025, upon completion, the trading stock was disposed of to the freeholder.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00209": { "value": "19\u2002Other receivables (non-current) \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Rents recognised in advance
176.9
173.6
Initial direct letting costs
14.3
14.4
Prepayments
12.0
13.0
Other receivables
203.2
201.0
\n
Other receivables includes \u00a3176.9m (2024: \u00a3173.6m) after impairments relating to rents recognised in advance as a result of spreading
tenant lease incentives over the expected terms of their respective leases. This includes rent-free and reduced rent periods, capital
contributions in lieu of rent-free periods and contracted rent uplifts. In addition, \u00a314.3m (2024: \u00a314.4m) relates to the spreading e\ufb00ect
of the initial direct costs of letting over the same term. Together with \u00a326.3m (2024: \u00a324.8m), which was included as accrued income
within trade and other receivables (see note 20), these amounts totalled \u00a3217.5m at 31 December 2025 (2024: \u00a3212.8m).
Prepayments represent \u00a312.0m (2024: \u00a313.0m) of costs incurred in relation to Old Street Quarter EC1. This was after a \u00a32.2m (2024:
\u00a30.8m) impairment in accordance with IAS 36 Impairment of Assets. In May 2022, the Group entered into a conditional contract to
acquire the freehold of Old Street Quarter island site. The site is being sold by Moor\ufb01elds Eye Hospital NHS Foundation Trust and UCL,
together the Oriel joint initiative (\u201cOriel\u201d). Completion is subject to delivery by Oriel of a new hospital and subsequent vacant
possession of the site, which is anticipated no earlier than late 2027. At that point, the site and the prepaid design and planning costs
incurred will be included in investment property, subject to semi-annual external valuations.
The total movement in tenant lease incentives is shown below:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 January
195.6
194.1
Amounts taken to income statement
3.7
6.3
Capital incentives granted
5.6
\u2013
Movement in lease incentive impairment
(0.1)
0.3
Disposal of investment properties
(4.2)
(4.9)
Write o\ufb00 to bad debt
(0.4)
(0.2)
\u00a0
200.2
195.6
Amounts included in trade and other receivables (see note 20)
(23.3)
(22.0)
At 31 December
176.9
173.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00210": { "value": "19\u2002Other receivables (non-current) \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Rents recognised in advance
176.9
173.6
Initial direct letting costs
14.3
14.4
Prepayments
12.0
13.0
Other receivables
203.2
201.0
\n
Other receivables includes \u00a3176.9m (2024: \u00a3173.6m) after impairments relating to rents recognised in advance as a result of spreading
tenant lease incentives over the expected terms of their respective leases. This includes rent-free and reduced rent periods, capital
contributions in lieu of rent-free periods and contracted rent uplifts. In addition, \u00a314.3m (2024: \u00a314.4m) relates to the spreading e\ufb00ect
of the initial direct costs of letting over the same term. Together with \u00a326.3m (2024: \u00a324.8m), which was included as accrued income
within trade and other receivables (see note 20), these amounts totalled \u00a3217.5m at 31 December 2025 (2024: \u00a3212.8m).
Prepayments represent \u00a312.0m (2024: \u00a313.0m) of costs incurred in relation to Old Street Quarter EC1. This was after a \u00a32.2m (2024:
\u00a30.8m) impairment in accordance with IAS 36 Impairment of Assets. In May 2022, the Group entered into a conditional contract to
acquire the freehold of Old Street Quarter island site. The site is being sold by Moor\ufb01elds Eye Hospital NHS Foundation Trust and UCL,
together the Oriel joint initiative (\u201cOriel\u201d). Completion is subject to delivery by Oriel of a new hospital and subsequent vacant
possession of the site, which is anticipated no earlier than late 2027. At that point, the site and the prepaid design and planning costs
incurred will be included in investment property, subject to semi-annual external valuations.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00208": { "value": "19\u2002Other receivables (non-current) \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Rents recognised in advance
176.9
173.6
Initial direct letting costs
14.3
14.4
Prepayments
12.0
13.0
Other receivables
203.2
201.0
\n
Other receivables includes \u00a3176.9m (2024: \u00a3173.6m) after impairments relating to rents recognised in advance as a result of spreading
tenant lease incentives over the expected terms of their respective leases. This includes rent-free and reduced rent periods, capital
contributions in lieu of rent-free periods and contracted rent uplifts. In addition, \u00a314.3m (2024: \u00a314.4m) relates to the spreading e\ufb00ect
of the initial direct costs of letting over the same term. Together with \u00a326.3m (2024: \u00a324.8m), which was included as accrued income
within trade and other receivables (see note 20), these amounts totalled \u00a3217.5m at 31 December 2025 (2024: \u00a3212.8m).
Prepayments represent \u00a312.0m (2024: \u00a313.0m) of costs incurred in relation to Old Street Quarter EC1. This was after a \u00a32.2m (2024:
\u00a30.8m) impairment in accordance with IAS 36 Impairment of Assets. In May 2022, the Group entered into a conditional contract to
acquire the freehold of Old Street Quarter island site. The site is being sold by Moor\ufb01elds Eye Hospital NHS Foundation Trust and UCL,
together the Oriel joint initiative (\u201cOriel\u201d). Completion is subject to delivery by Oriel of a new hospital and subsequent vacant
possession of the site, which is anticipated no earlier than late 2027. At that point, the site and the prepaid design and planning costs
incurred will be included in investment property, subject to semi-annual external valuations.
The total movement in tenant lease incentives is shown below:
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 January
195.6
194.1
Amounts taken to income statement
3.7
6.3
Capital incentives granted
5.6
\u2013
Movement in lease incentive impairment
(0.1)
0.3
Disposal of investment properties
(4.2)
(4.9)
Write o\ufb00 to bad debt
(0.4)
(0.2)
\u00a0
200.2
195.6
Amounts included in trade and other receivables (see note 20)
(23.3)
(22.0)
At 31 December
176.9
173.6
\n
20\u2002Trade and other receivables
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade receivables
4.4
13.3
Other receivables
1.0
3.2
Prepayments
1
13.8
15.4
Accrued income
\u00a0 \u00a0
Rents recognised in advance
23.3
22.0
Initial direct letting costs
3.0
2.8
Other
1.2
1.1
\u00a0
46.7
57.8
\n
1
In 2025, \u00a32.5m in relation to the Group\u2019s solar park on its Scottish land, was transferred to \u2018Solar park\u2019 within Property, plant and equipment (see note 16).
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade receivables are split as follows:
\u00a0 \u00a0
less than three months due
4.2
12.9
between three and six months due
0.2
0.2
between six and twelve months due
\u2013
0.2
\u00a0
4.4
13.3
\n
Trade receivables are stated net of impairment.
The Group has \u00a34.1m (2024: \u00a34.6m) of provision for bad debts as shown below. \u00a31.7m (2024: \u00a32.4m) is included in trade receivables,
\u00a30.4m (2024: \u00a30.4m) in accrued income and \u00a32.0m (2024: \u00a31.8m) in prepayments and accrued income within other receivables
(non-current) (note 19).
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Provision for bad debts
\u00a0 \u00a0
At 1 January
4.6
4.6
Trade receivables provision
0.1
0.7
Lease incentive provision
0.4
(0.4)
Service charge provision
0.1
(0.2)
Released
(1.1)
(0.1)
At 31 December
4.1
4.6
The provision for bad debts is split as follows:
\u00a0 \u00a0
less than three months due
0.5
0.9
between three and six months due
0.2
0.5
between six and twelve months due
0.5
0.5
over twelve months due
2.9
2.7
\u00a0
4.1
4.6
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00190": { "value": "20\u2002Trade and other receivables
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade receivables
4.4
13.3
Other receivables
1.0
3.2
Prepayments
1
13.8
15.4
Accrued income
\u00a0 \u00a0
Rents recognised in advance
23.3
22.0
Initial direct letting costs
3.0
2.8
Other
1.2
1.1
\u00a0
46.7
57.8
\n
1
In 2025, \u00a32.5m in relation to the Group\u2019s solar park on its Scottish land, was transferred to \u2018Solar park\u2019 within Property, plant and equipment (see note 16).
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade receivables are split as follows:
\u00a0 \u00a0
less than three months due
4.2
12.9
between three and six months due
0.2
0.2
between six and twelve months due
\u2013
0.2
\u00a0
4.4
13.3
\n
Trade receivables are stated net of impairment.
The Group has \u00a34.1m (2024: \u00a34.6m) of provision for bad debts as shown below. \u00a31.7m (2024: \u00a32.4m) is included in trade receivables,
\u00a30.4m (2024: \u00a30.4m) in accrued income and \u00a32.0m (2024: \u00a31.8m) in prepayments and accrued income within other receivables
(non-current) (note 19).
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Provision for bad debts
\u00a0 \u00a0
At 1 January
4.6
4.6
Trade receivables provision
0.1
0.7
Lease incentive provision
0.4
(0.4)
Service charge provision
0.1
(0.2)
Released
(1.1)
(0.1)
At 31 December
4.1
4.6
The provision for bad debts is split as follows:
\u00a0 \u00a0
less than three months due
0.5
0.9
between three and six months due
0.2
0.5
between six and twelve months due
0.5
0.5
over twelve months due
2.9
2.7
\u00a0
4.1
4.6
22\u2002Trade and other payables \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade payables
8.0
0.6
Other payables
1.0
3.6
Other taxes
1.2
7.3
Accruals
56.2
57.2
Deferred income
47.0
50.0
Tenant rent deposits
29.3
27.9
Service charge balances
25.3
28.1
\u00a0
168.0
174.7
\nDeferred income primarily relates to rents received in advance.24\u2002Net debt and derivative \ufb01nancial instruments \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Current liabilities
\u00a0 \u00a0
Other loans
\u2013
20.0
6.5% secured bonds
176.6
\u2013
2.68% unsecured private placement notes
55.0
\u2013
1.5% unsecured convertible bonds
\u2013
174.1
\u00a0
231.6
194.1
Non-current liabilities
\u00a0 \u00a0
6.5% secured bonds
\u2013
178.1
1.875% unsecured green bonds
347.6
347.2
5.25% unsecured bonds
247.5
\u2013
2.68% unsecured private placement notes
\u2013
54.9
3.46% unsecured private placement notes
29.9
29.9
4.41% unsecured private placement notes
24.9
24.9
2.87% unsecured private placement notes
92.8
92.8
2.97% unsecured private placement notes
49.9
49.9
3.57% unsecured private placement notes
74.8
74.8
3.09% unsecured private placement notes
51.8
51.8
4.68% unsecured private placement notes
74.6
74.6
Unsecured bank loans
261.2
290.5
\u00a0
1,255.0
1,269.4
Borrowings
1,486.6
1,463.5
Leasehold liabilities \u2013 current
0.5
0.4
Leasehold liabilities \u2013 non-current
40.5
34.2
Derivative \ufb01nancial instruments \u2013 current
\u2013
(0.6)
Gross debt
1,527.6
1,497.5
Reconciliation to net debt:
\u00a0 \u00a0
Gross debt
1,527.6
1,497.5
Derivative \ufb01nancial instruments
\u2013
0.6
Cash at bank excluding restricted cash (see note 32)
(77.2)
(15.4)
Net debt
1,450.4
1,482.7
\n
1.5% unsecured convertible bonds 2025
In June 2025, the Group\u2019s 1.5% unsecured convertible bonds matured and were repaid, without any conversion to equity.
6.5% secured bonds 2026
As a result of the acquisition of London Merchant Securities plc in 2007, the secured bonds 2026 were included at fair value less
unamortised issue costs. This di\ufb00erence between fair value at acquisition and principal value is being amortised through the income
statement. The fair value at 31 December 2025 was determined by the ask-price of \u00a3100.40 per \u00a3100 (2024: \u00a3100.99 per \u00a3100),
representing Level 1 fair value measurement. The carrying value at 31 December 2025 was \u00a3176.6m (2024: \u00a3178.1m).
1.875% unsecured green bonds 2031
In November 2021, the Group issued \u00a3350m of green bonds on a 10-year term maturing in 2031. The unsecured instrument pays a
coupon of 1.875% and the e\ufb00ective interest rate is 1.934%. This represents an issue discount of \u00a31.8m. The unsecured green bonds 2031
are accounted for at amortised cost. The fair value at 31 December 2025 was determined by the ask-price of \u00a385.23 per \u00a3100 (2024:
\u00a380.36 per \u00a3100), representing Level 1 fair value measurement. The carrying value at 31 December 2025 was \u00a3347.6m (2024: \u00a3347.2m).
The \u00a3350m green bonds are used to fund qualifying \u2018green\u2019 expenditure in accordance with the Group\u2019s Green Finance Framework.
\n
5.25% unsecured bonds 2032
\n
In June 2025, the Group issued \u00a3250m of unsecured bonds on a 7-year term maturing in 2032. The unsecured instrument pays a
\n
coupon of 5.25% and the e\ufb00ective interest rate is 5.338%. This represents an issue discount of \u00a31.3m. The unsecured bonds were
\n
initially recognised at fair value, net of the unamortised discount and issue costs of \u00a30.8m, and are subsequently measured at
\n
amortised cost. The fair value at 31 December 2025 was determined by the ask-price of \u00a3102.08 per \u00a3100, representing Level 1 fair value
\n
measurement. The carrying value at 31 December 2025 was \u00a3247.5m.
\n
2.68% unsecured private placement notes 2026, 2.87% unsecured private placement notes 2029, 2.97%
\n
unsecured private placement notes 2031 and 3.09% unsecured private placement notes 2034
\n
In October 2018, the Group arranged unsecured private placement notes, comprising \u00a355m for 7 years, \u00a393m for 10 years, \u00a350m for 12
\n
years and \u00a352m for 15 years. The funds were drawn on 31 January 2019. The fair values were determined by discounting the contractual
\n
cash \ufb02ows by the replacement rate. The replacement rate is the sum of the current underlying Gilt rate plus the market implied
\n
margin. These represent Level 2 fair value measurement. The carrying values at 31 December 2025 were \u00a355.0m (2024: \u00a354.9m),
\n
\u00a392.8m (2024: \u00a392.8m), \u00a349.9m (2024: \u00a349.9m) and \u00a351.8m (2024: \u00a351.8m), respectively.
\n
3.46% unsecured private placement notes 2028 and 3.57% unsecured private placement notes 2031
\n
In February 2016, the Group arranged unsecured private placement notes, comprising \u00a330m for 12 years and \u00a375m for 15 years. The
\n
funds were drawn on 4 May 2016. The fair values were determined by discounting the contractual cash \ufb02ows by the replacement rate.
\n
The replacement rate is the sum of the current underlying Gilt rate plus the market implied margin. These represent Level 2 fair value
\n
measurement. The carrying values at 31 December 2025 were \u00a329.9m (2024: \u00a329.9m) and \u00a374.8m (2024: \u00a374.8m), respectively.
\n
4.41% unsecured private placement notes 2029 and 4.68% unsecured private placement notes 2034
\n
In November 2013, the Group arranged unsecured private placement notes, comprising \u00a325m for 15 years and \u00a375m for 20 years. The
\n
funds were drawn on 8 January 2014. The fair values were determined by discounting the contractual cash \ufb02ows by the replacement
\n
rate. The replacement rate is the sum of the current underlying Gilt rate plus the market implied margin. These represent Level 2 fair
\n
value measurement. The carrying values at 31 December 2025 were \u00a324.9m (2024: \u00a324.9m) and \u00a374.6m (2024: \u00a374.6m), respectively.
\n
Unsecured bank loans
\n
In June 2024, the Group signed an agreement for an unsecured term loan facility of \u00a3100m. The loan is for a three-year term and has
\n
two one-year extension options. In June 2025, the Group exercised the \ufb01rst extension option.
\n
In December 2024, the Group signed an agreement for an unsecured facility of \u00a3115m, consisting of an \u00a382.5m term loan and \u00a332.5m
\n
revolving credit facility (RCF). The facility is for an initial two-year term and has two one-year extension options. In December 2025,
\n
the Group exercised the \ufb01rst extension option. The \u00a332.5m RCF was cancelled in July 2025.
\n
In February 2025, the Group signed an agreement for an unsecured facility of \u00a3115m, consisting of an \u00a382.5m term loan and \u00a332.5m
\n
revolving credit facility (RCF). The facility is for an initial two-year term and has a one-year extension option. The \u00a332.5m RCF was
\n
cancelled in July 2025.
\n
In July 2025, the Group amended and extended its principal \u00a3450m unsecured RCF, which was due to expire in October 2026. The
\n
facility, signed with the Group\u2019s core relationship banks, is structured as an initial four-year term with two one-year extension options.
\n
The facility is due to expire in July 2029.
\n
Unsecured bank borrowings are accounted for at amortised cost. At 31 December 2025, there was \u00a3nil (2024: \u00a3110.5m) drawn on the
\n
RCFs, \u00a3265.0m (2024: \u00a3182.5m) drawn on term loans and the combined unamortised arrangement fees were \u00a33.8m (2024: \u00a32.5m),
\n
resulting in the carrying value being \u00a3261.2m (2024: \u00a3290.5m).
\n
As all main corporate facilities were re\ufb01nanced or amended recently, the fair values of the Group\u2019s bank loans are deemed to be
\n
approximately the same as their carrying amount, after adjusting for the unamortised arrangement fees, and represent Level 2 fair
\n
value measurement.
\n\n
Undrawn committed bank facilities \u2013 maturity pro\ufb01le
\n\n \n
< 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
> 5 years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 31 December 2025
\u2013
100.0
\u2013
450.0
\u2013
\u2013
550.0
At 31 December 2024
\u2013
395.5
76.5
\u2013
\u2013
\u2013
472.0
\n
Other loans
\n
At 31 December 2024, other loans consisted of a \u00a320m interest-free loan from a third party providing development consultancy
\n
services on the residential element of the 25 Baker Street W1 development. This was fully repaid in 2025. The agreement provides for a
\n
pro\ufb01t share on completion of the sales which, under IFRS 9 Financial Instruments, has been deemed to have a carrying value of \u00a3nil at
\n
31 December 2025 (2024: \u00a3nil). The carrying value of the loan at 31 December 2025 was \u00a3nil (2024: \u00a320.0m).
\n
Derivative \ufb01nancial instruments
\n
At 31 December 2024, the derivative \ufb01nancial instruments consisted of interest rate swaps. The fair values of the Group\u2019s outstanding
\n
interest rate swaps were estimated using the mid-point of the yield curves prevailing on the reporting date and represented the net
\n
present value of the di\ufb00erences between the contracted rate and the valuation rate when applied to the projected balances for the
\n
period from the reporting date to the contracted expiry dates. These represented Level 2 fair value measurement. These were fully
\n
settled in the year.
\n
During 2025, the Group entered into derivative contracts to hedge against movements in UK government bond yields in relation to the
\n
issuance of the \u00a3250m unsecured bonds in June 2025. These were fully settled on pricing of the bond.
\n\n \n
Group
Weighted average
Principal
interest rate
Average life
\u00a3m
%
Years
At 31 December 2025
Interest rate swaps
\u2013
\u2013
\u2013
At 31 December 2024
Interest rate swaps
75.0
1.36
0.3
\n
Secured and unsecured debt
\n\n \n
2025
2024
\u00a3m
\u00a3m
Secured
6.5% secured bonds
176.6
178.1
176.6
178.1
Unsecured
5.25% unsecured bonds
247.5
\u2013
1.5% unsecured convertible bonds
\u2013
174.1
1.875% unsecured green bonds
347.6
347.2
Unsecured private placement notes
453.7
453.6
Unsecured bank loans
261.2
290.5
Other loans
\u2013
20.0
1,310.0
1,285.4
Borrowings
1,486.6
1,463.5
\n
As at 31 December 2025, the Group\u2019s secured bonds 2026 were secured by a \ufb02oating charge over a number of the Group\u2019s subsidiary
\n
companies which contained \u00a3339.9m (2024: \u00a3376.3m) of the Group\u2019s properties.
\n
Fixed interest rate and hedged debt
\n
At 31 December 2025, the Group\u2019s \ufb01xed rate debt included the unsecured bonds, the unsecured green bonds, the secured bonds and
\n
the unsecured private placement notes. At 31 December 2024, the Group\u2019s \ufb01xed rate and hedged debt included the unsecured
\n
convertible bonds, the unsecured green bonds, the secured bonds, the unsecured private placement notes and other loans.
\n
Interest rate exposure
\n
After taking into account the various interest rate hedging instruments entered into by the Group, the interest rate exposure of the
\n
Group\u2019s borrowings were:
\n\n \n
Weighted
Weighted
average
average
Floating rate
Hedged
Fixed rate
Borrowings
interest rate
1
life
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
Years
At 31 December 2025
5.25% unsecured bonds
\u2013
\u2013
247.5
247.5
5.25
6.4
6.5% secured bonds
\u2013
\u2013
176.6
176.6
6.50
0.2
1.875% unsecured green bonds
\u2013
\u2013
347.6
347.6
1.88
5.9
Unsecured private placement notes
\u2013
\u2013
453.7
453.7
3.42
4.6
Unsecured bank loans
261.2
\u2013
\u2013
261.2
5.17
1.9
261.2
\u2013
1,225.4
1,486.6
4.06
4.2
At 31 December 2024
1.5% unsecured convertible bonds
\u2013
\u2013
174.1
174.1
2.30
0.4
6.5% secured bonds
\u2013
\u2013
178.1
178.1
6.50
1.2
1.875% unsecured green bonds
\u2013
\u2013
347.2
347.2
1.88
6.9
Unsecured private placement notes
\u2013
\u2013
453.6
453.6
3.42
5.6
Unsecured bank loans
216.1
74.4
\u2013
290.5
4.81
2.2
Other loans
2
\u2013
\u2013
20.0
20.0
\u2013
\u2013
216.1
74.4
1,173.0
1,463.5
3.53
4.0
\n
1
The weighted average interest rates are based on the nominal amounts of the debt facilities.
\n
2
Other loans shown above are interest free and have no \ufb01xed repayment date. For further detail, see Other loans section above.
\n
Contractual undiscounted cash out\ufb02ows
\n
IFRS 7 Financial Instruments: Disclosure, requires disclosure of the maturity of the Group\u2019s remaining contractual \ufb01nancial liabilities.
\n
The tables below show the contractual undiscounted cash out\ufb02ows arising from the Group\u2019s gross debt.
\n\n \n
< 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
> 5 years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 31 December 2025
5.25% unsecured bonds
\u2013
\u2013
\u2013
\u2013
\u2013
250.0
250.0
6.5% secured bonds
175.0
\u2013
\u2013
\u2013
\u2013
\u2013
175.0
1.875% unsecured green bonds
\u2013
\u2013
\u2013
\u2013
\u2013
350.0
350.0
Unsecured private placement notes
55.0
\u2013
30.0
118.0
\u2013
252.0
455.0
Unsecured bank loans
\u2013
165.0
100.0
\u2013
\u2013
\u2013
265.0
Total on maturity
230.0
165.0
130.0
118.0
\u2013
852.0
1,495.0
Leasehold liabilities
2.0
2.0
2.0
2.0
2.0
254.0
264.0
Interest on borrowings
48.6
42.7
35.5
29.2
29.0
40.9
225.9
Gross loan commitments
280.6
209.7
167.5
149.2
31.0
1,146.9
1,984.9
At 31 December 2024
1.5% unsecured convertible bonds
175.0
\u2013
\u2013
\u2013
\u2013
\u2013
175.0
6.5% secured bonds
\u2013
175.0
\u2013
\u2013
\u2013
\u2013
175.0
1.875% unsecured green bonds
\u2013
\u2013
\u2013
\u2013
\u2013
350.0
350.0
Unsecured private placement notes
\u2013
55.0
\u2013
30.0
118.0
252.0
455.0
Unsecured bank loans
\u2013
169.5
123.5
\u2013
\u2013
\u2013
293.0
Other loans
20.0
\u2013
\u2013
\u2013
\u2013
\u2013
20.0
Total on maturity
195.0
399.5
123.5
30.0
118.0
602.0
1,468.0
Leasehold liabilities
1.7
1.8
1.8
1.8
1.6
208.6
217.3
Interest on borrowings
50.7
37.4
24.1
20.0
16.1
15.8
164.1
E\ufb00ect of interest rate swaps
(0.8)
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
Gross loan commitments
246.6
438.7
149.4
51.8
135.7
826.4
1,848.6
Reconciliation to borrowings:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Adjustments
\u00a0
\u00a0 \u00a0 \u00a0
E\ufb00ect of
\u00a0 \u00a0 \u00a0
\u00a0
Gross loan
Interest on
interest
Leasehold
Non-cash
\u00a0
\u00a0
commitments
gross debt
rate swaps
liabilities
amortisation
Borrowings
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Maturing in:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
< 1 year
280.6
(48.6)
\u2013
(2.0)
1.6
231.6
1 to 2 years
209.7
(42.7)
\u2013
(2.0)
(0.8)
164.2
2 to 3 years
167.5
(35.5)
\u2013
(2.0)
(0.5)
129.5
3 to 4 years
149.2
(29.2)
\u2013
(2.0)
(3.0)
115.0
4 to 5 years
31.0
(29.0)
\u2013
(2.0)
\u2013
\u2013
> 5 years
1,146.9
(40.9)
\u2013
(254.0)
(5.7)
846.3
\u00a0
1,984.9
(225.9)
\u2013
(264.0)
(8.4)
1,486.6
At 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Maturing in:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
< 1 year
246.6
(50.7)
0.8
(1.7)
\u2013
195.0
1 to 2 years
438.7
(37.4)
\u2013
(1.8)
(1.8)
397.7
2 to 3 years
149.4
(24.1)
\u2013
(1.8)
(1.9)
121.6
3 to 4 years
51.8
(20.0)
\u2013
(1.8)
3.0
33.0
4 to 5 years
135.7
(16.1)
\u2013
(1.6)
(0.3)
117.7
> 5 years
826.4
(15.8)
\u2013
(208.6)
(3.5)
598.5
\u00a0
1,848.6
(164.1)
0.8
(217.3)
(4.5)
1,463.5
\n
Financial instruments \u2013 risk management
The Group is exposed to a range of \ufb01nancial risks through its activities, in particular credit risk, market risk and liquidity risk. These
risks arise naturally from the Group\u2019s use of \ufb01nancial instruments in managing a large, London-focused property portfolio, and the
Group\u2019s framework for identifying, assessing and managing such risks remains well established. Further quantitative information in
respect of these risks is presented throughout these \ufb01nancial statements, with additional disclosures required under IFRS 7 provided on
pages 100 to 111.
While the overall risk pro\ufb01le has not changed materially from the prior year, the environment in which the Group operates continues to
evolve. The Group\u2019s approach therefore re\ufb02ects both prevailing market conditions and its long-term strategic priorities.
Financial instrument risk arises mainly from the Group\u2019s use of trade receivables, accrued income relating to lease incentives, cash
deposits, trade and other payables, \ufb02oating rate bank facilities, private placement notes, secured and unsecured bonds and interest
rate derivatives. The Board is responsible for setting the overarching risk management objectives, with day-to-day monitoring and
implementation delegated to the executive management team. The objective continues to be the conservative management of risk
while maintaining the \ufb02exibility required to pursue value-accretive development and investment opportunities.
Credit risk
Credit risk principally arises from amounts owed by tenants, re\ufb02ecting the Group\u2019s position as a major central London landlord. It is
the Group\u2019s policy to assess the creditworthiness of prospective tenants before entering into lease contracts. The Board\u2019s Credit
Committee assesses each new tenant, drawing on \ufb01nancial statements, external ratings where available and, in some cases, forecast
information and bank or trade references. Where appropriate, the Group may seek a rent deposit or guarantee. Existing tenant
exposure is reviewed periodically, with additional focus on sectors experiencing structural pressures or where creditworthiness may be
more variable. The Group has historically experienced low levels of tenant default, re\ufb02ecting the strength of its tenant base and the
e\ufb00ectiveness of its credit assessment and monitoring processes.
While the Group operates predominantly in central London and is therefore exposed to some geographical concentration risk, this is
mitigated by the broad range of tenants across multiple industry sectors. In accordance with IFRS 9, trade receivables are assessed
using an expected credit loss model, while lease incentive receivables are reviewed under IAS 36.
Credit risk arising from cash balances is controlled by depositing funds only with institutions that meet minimum investment-grade
criteria and by keeping maturities short. Across all \ufb01nancial assets, the carrying amounts recognised in the balance sheet represent
the maximum exposure to credit risk.
Market risk
Market risk principally re\ufb02ects the Group\u2019s exposure to movements in interest rates, given its mix of \ufb01xed and \ufb02oating-rate funding.
The Group regularly monitors its interest rate exposure and performs sensitivity analysis to assess the potential e\ufb00ect of reasonably
possible shifts in interest rates on pro\ufb01t and net assets. A 50-basis point shift in interest rates would result in an increase or decrease
in pro\ufb01t or loss and net assets of \u00a31.3m (2024: \u00a31.1m).
It is the Group\u2019s policy to maintain a signi\ufb01cant proportion of expected borrowings at \ufb01xed rates, typically in the range of 60% to 85%,
achieved through a combination of \ufb01xed-rate debt and \ufb02oating-to-\ufb01xed interest rate swaps. At 31 December 2025, 82% of the Group\u2019s
debt was \ufb01xed (2024: 85%), in line with policy.
From time to time, when preparing for a public bond issuance, the Group may also make use of gilt locks to e\ufb00ectively hedge
movements in the underlying gilt yield between launch and pricing, thereby providing certainty over the coupon payable on the
forthcoming issuance. This forms part of the Group\u2019s broader interest rate risk management strategy and complements the use of
interest rate swaps and \ufb01xed-rate funding.
All variable-rate borrowings continued to be denominated in Sterling. When raising new long-term funding, the Group generally
prefers \ufb01xed-rate structures to support cash\ufb02ow predictability and capital planning.
Liquidity risk
Liquidity risk arises from the need to meet the Group\u2019s \ufb01nancial obligations as they fall due, including interest payments, scheduled
loan repayments and working capital requirements of the business.
The Group manages liquidity risk by maintaining appropriate headroom on its committed revolving bank facilities and by spreading
debt maturity dates across a range of lenders. Cash \ufb02ows and projected loan balances are monitored regularly by the executive
management team as part of the Group\u2019s forecasting process, with forward-looking assessments covering a range of scenarios,
including downside cases.
The Group also supports liquidity stability by \ufb01xing interest rates (and therefore cash \ufb02ows) on a substantial portion of long-term
borrowings. At the balance sheet date, the Group\u2019s projections indicated that it held su\ufb03cient liquidity to meet its obligations under
all reasonably foreseeable scenarios.
Capital management
The Group\u2019s capital structure comprises equity and net debt. Consistent with the strategy applied in recent years, the principal
objectives of capital management are to ensure the Group remains \ufb01nancially robust and e\ufb03cient, while being able to continue as a
going concern.
Capital is monitored using key measures such as NAV gearing, loan-to-value ratio, interest cover and net debt/EBITDA, all of which are
de\ufb01ned within the list of de\ufb01nitions on pages 290 to 293 and are derived in note 39 to the \ufb01nancial statements.
The Group also maintains signi\ufb01cant uncharged property, re\ufb02ecting its predominantly unsecured \ufb01nancing structure. At 31 December
2025, there was \u00a34.8bn (2024: \u00a34.7bn) of uncharged property. This provides \ufb02exibility to raise some future secured \ufb01nance if required
and supports a diversi\ufb01ed approach to funding. Adjustments to the capital structure are considered in the context of market
conditions, \ufb01nancial covenants and the Group\u2019s future development and acquisition plans. Potential actions include varying dividend
levels (within REIT rules), returning capital to shareholders, issuing or redeeming debt or disposing of assets to reduce gearing.
25\u2002Financial assets and liabilities and fair values
Categories of \ufb01nancial assets and liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Fair value
Financial
Financial
Total
\u00a0
through pro\ufb01t
assets held at
liabilities held at
carrying
\u00a0
and loss
amortised cost
amortised cost
value
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Cash and cash equivalents
\u2013
131.7
\u2013
131.7
Other assets \u2013 current
\u2013
6.6
\u2013
6.6
\u00a0
\u2013
138.3
\u2013
138.3
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
5.25% unsecured bonds
\u2013
\u2013
(247.5)
(247.5)
6.5% secured bonds
\u2013
\u2013
(176.6)
(176.6)
1.875% unsecured green bonds
\u2013
\u2013
(347.6)
(347.6)
Unsecured private placement notes
\u2013
\u2013
(453.7)
(453.7)
Bank borrowings due after one year
\u2013
\u2013
(261.2)
(261.2)
Leasehold liabilities
\u2013
\u2013
(41.0)
(41.0)
Other liabilities \u2013 current
\u2013
\u2013
(119.8)
(119.8)
\u00a0
\u2013
\u2013
(1,647.4)
(1,647.4)
At 31 December 2025
\u2013
138.3
(1,647.4)
(1,509.1)
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Cash and cash equivalents
\u2013
71.4
\u2013
71.4
Other assets \u2013 current
\u2013
17.6
\u2013
17.6
\u00a0
\u2013
89.0
\u2013
89.0
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
1.5% unsecured convertible bonds
\u2013
\u2013
(174.1)
(174.1)
6.5% secured bonds
\u2013
\u2013
(178.1)
(178.1)
1.875% unsecured green bonds
\u2013
\u2013
(347.2)
(347.2)
Unsecured private placement notes
\u2013
\u2013
(453.6)
(453.6)
Bank borrowings due after one year
\u2013
\u2013
(290.5)
(290.5)
Other loans
\u2013
\u2013
(20.0)
(20.0)
Leasehold liabilities
\u2013
\u2013
(34.6)
(34.6)
Derivative \ufb01nancial instruments
0.6
\u2013
\u2013
0.6
Other liabilities \u2013 current
\u2013
\u2013
(117.4)
(117.4)
\u00a0
0.6
\u2013
(1,615.5)
(1,614.9)
At 31 December 2024
0.6
89.0
(1,615.5)
(1,525.9)
\n
Reconciliation of net \ufb01nancial assets and liabilities to gross debt:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Net \ufb01nancial assets and liabilities
(1,509.1)
(1,525.9)
Other assets \u2013 current
(6.6)
(17.6)
Other liabilities \u2013 current
119.8
117.4
Cash and cash equivalents
(131.7)
(71.4)
Gross debt
(1,527.6)
(1,497.5)
Fair value measurement
The table below shows the fair values, where applicable, of borrowings and derivative \ufb01nancial instruments held by the Group,
together with a reconciliation to net \ufb01nancial assets and liabilities. Details of inputs and valuation methods used to derive the fair
values are shown in note 24.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
\u00a0
\u00a0
Carrying value
Fair value
Fair value
\u00a0
\u00a3m
\u00a3m
hierarchy
At 31 December 2025
\u00a0 \u00a0 \u00a0
5.25% unsecured bonds
(247.5)
(255.2)
Level 1
6.5% secured bonds
(176.6)
(175.7)
Level 1
1.875% unsecured green bonds
(347.6)
(298.3)
Level 1
Unsecured private placement notes
(453.7)
(404.2)
Level 2
Bank borrowings due after one year
(261.2)
(265.0)
Level 2
\u00a0
(1,486.6)
(1,398.4)
\u00a0
Amounts not fair valued:
\u00a0 \u00a0 \u00a0
Cash and cash equivalents
131.7
\u00a0 \u00a0
Other assets \u2013 current
6.6
\u00a0 \u00a0
Leasehold liabilities
(41.0)
\u00a0 \u00a0
Other liabilities \u2013 current
(119.8)
\u00a0 \u00a0
Net \ufb01nancial assets and liabilities
(1,509.1)
\u00a0 \u00a0
At 31 December 2024
\u00a0 \u00a0 \u00a0
1.5% unsecured convertible bonds
(174.1)
(171.6)
Level 1
6.5% secured bonds
(178.1)
(176.7)
Level 1
1.875% unsecured green bonds
(347.2)
(281.2)
Level 1
Unsecured private placement notes
(453.6)
(391.3)
Level 2
Bank borrowings due after one year
(290.5)
(293.0)
Level 2
Other loans
(20.0)
(20.0)
Level 2
Derivative \ufb01nancial instruments
0.6
0.6
Level 2
\u00a0
(1,462.9)
(1,333.2)
\u00a0
Amounts not fair valued:
\u00a0 \u00a0 \u00a0
Cash and cash equivalents
71.4
\u00a0 \u00a0
Other assets \u2013 current
17.6
\u00a0 \u00a0
Leasehold liabilities
(34.6)
\u00a0 \u00a0
Other liabilities \u2013 current
(117.4)
\u00a0 \u00a0
Net \ufb01nancial assets and liabilities
(1,525.9)
\u00a0 \u00a0
\n
The fair values of the following \ufb01nancial assets and liabilities are the same as their carrying values:
\ue001
Cash and cash equivalents.
\ue001
Trade receivables, other receivables and accrued income included within trade and other receivables.
\ue001
Trade payables, other payables and accruals included within trade and other payables.
\ue001
Leasehold liabilities.
There have been no transfers between levels in either 2025 or 2024.
26\u2002Net debt to cash \ufb02ow reconciliation
Net debt reconciliation
The table below shows net debt movement during the year as a result of cash \ufb02ows and other non-cash movements.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Non-cash changes
\u00a0
\u00a0 \u00a0 \u00a0
Impact of
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0
issue and
\u00a0 \u00a0 \u00a0 \u00a0
Transfer from
\u00a0
\u00a0 \u00a0
Cash
arrangement
\u00a0
Fair value
\u00a0
Unwind of
non-current to
\u00a0
\u00a0
2024
\ufb02ows
costs
Other
adjustments
Additions
discount
current
2025
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Current liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
194.1
(195.0)
0.1
(0.1)
\u2013
\u2013
0.9
231.6
231.6
Leasehold liabilities
0.4
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
0.5
Non-current liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
1,269.4
214.8
2.7
0.3
(0.6)
\u2013
\u2013
(231.6)
1,255.0
Leasehold liabilities
34.2
\u2013
\u2013
\u2013
-
6.6
(0.3)
\u2013
40.5
Total liabilities from
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\ufb01nancing activities
1,498.1
19.8
2.8
0.2
(0.6)
6.7
0.6
\u2013
1,527.6
Cash at bank
1
(15.4)
(61.8)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(77.2)
Net debt
1,482.7
(42.0)
2.8
0.2
(0.6)
6.7
0.6
\u2013
1,450.4
\n
1
Cash at bank excluding restricted cash (see note 32). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00211": { "value": "21\u2002Non-current assets held for sale \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Transferred from investment properties (see note 15)
\u2013
25.7
\u00a0
\u2013
25.7
\n
In January 2025, the Group completed the disposal of its freehold interest in 4 & 10 Pentonville N1, disclosed as a non-current asset
held for sale as at December 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00212": { "value": "22\u2002Trade and other payables \n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade payables
8.0
0.6
Other payables
1.0
3.6
Other taxes
1.2
7.3
Accruals
56.2
57.2
Deferred income
47.0
50.0
Tenant rent deposits
29.3
27.9
Service charge balances
25.3
28.1
\u00a0
168.0
174.7
\nDeferred income primarily relates to rents received in advance.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00213": { "value": "\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Trade payables
8.0
0.6
Other payables
1.0
3.6
Other taxes
1.2
7.3
Accruals
56.2
57.2
Deferred income
47.0
50.0
Tenant rent deposits
29.3
27.9
Service charge balances
25.3
28.1
\u00a0
168.0
174.7
\nDeferred income primarily relates to rents received in advance.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00214": { "value": "23\u2002Provisions \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
At 1 January
0.6
0.4
Provided in the income statement
(0.1)
0.2
At 31 December
0.5
0.6
Due within one year
0.1
0.2
Due after one year
0.4
0.4
\u00a0
0.5
0.6
\n
The provisions in the Group relate to national insurance that is payable on gains made by employees on the exercise of share options
granted to them. The eventual liability to national insurance is dependent on:
\ue001
the market price of the Company\u2019s shares at the date of exercise;
\ue001
the number of equity share options that are exercised; and
\ue001
the prevailing rate of national insurance at the date of exercise. ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00180": { "value": "24\u2002Net debt and derivative \ufb01nancial instruments \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Current liabilities
\u00a0 \u00a0
Other loans
\u2013
20.0
6.5% secured bonds
176.6
\u2013
2.68% unsecured private placement notes
55.0
\u2013
1.5% unsecured convertible bonds
\u2013
174.1
\u00a0
231.6
194.1
Non-current liabilities
\u00a0 \u00a0
6.5% secured bonds
\u2013
178.1
1.875% unsecured green bonds
347.6
347.2
5.25% unsecured bonds
247.5
\u2013
2.68% unsecured private placement notes
\u2013
54.9
3.46% unsecured private placement notes
29.9
29.9
4.41% unsecured private placement notes
24.9
24.9
2.87% unsecured private placement notes
92.8
92.8
2.97% unsecured private placement notes
49.9
49.9
3.57% unsecured private placement notes
74.8
74.8
3.09% unsecured private placement notes
51.8
51.8
4.68% unsecured private placement notes
74.6
74.6
Unsecured bank loans
261.2
290.5
\u00a0
1,255.0
1,269.4
Borrowings
1,486.6
1,463.5
Leasehold liabilities \u2013 current
0.5
0.4
Leasehold liabilities \u2013 non-current
40.5
34.2
Derivative \ufb01nancial instruments \u2013 current
\u2013
(0.6)
Gross debt
1,527.6
1,497.5
Reconciliation to net debt:
\u00a0 \u00a0
Gross debt
1,527.6
1,497.5
Derivative \ufb01nancial instruments
\u2013
0.6
Cash at bank excluding restricted cash (see note 32)
(77.2)
(15.4)
Net debt
1,450.4
1,482.7
\n
1.5% unsecured convertible bonds 2025
In June 2025, the Group\u2019s 1.5% unsecured convertible bonds matured and were repaid, without any conversion to equity.
6.5% secured bonds 2026
As a result of the acquisition of London Merchant Securities plc in 2007, the secured bonds 2026 were included at fair value less
unamortised issue costs. This di\ufb00erence between fair value at acquisition and principal value is being amortised through the income
statement. The fair value at 31 December 2025 was determined by the ask-price of \u00a3100.40 per \u00a3100 (2024: \u00a3100.99 per \u00a3100),
representing Level 1 fair value measurement. The carrying value at 31 December 2025 was \u00a3176.6m (2024: \u00a3178.1m).
1.875% unsecured green bonds 2031
In November 2021, the Group issued \u00a3350m of green bonds on a 10-year term maturing in 2031. The unsecured instrument pays a
coupon of 1.875% and the e\ufb00ective interest rate is 1.934%. This represents an issue discount of \u00a31.8m. The unsecured green bonds 2031
are accounted for at amortised cost. The fair value at 31 December 2025 was determined by the ask-price of \u00a385.23 per \u00a3100 (2024:
\u00a380.36 per \u00a3100), representing Level 1 fair value measurement. The carrying value at 31 December 2025 was \u00a3347.6m (2024: \u00a3347.2m).
The \u00a3350m green bonds are used to fund qualifying \u2018green\u2019 expenditure in accordance with the Group\u2019s Green Finance Framework.
5.25% unsecured bonds 2032
\n
In June 2025, the Group issued \u00a3250m of unsecured bonds on a 7-year term maturing in 2032. The unsecured instrument pays a
\n
coupon of 5.25% and the e\ufb00ective interest rate is 5.338%. This represents an issue discount of \u00a31.3m. The unsecured bonds were
\n
initially recognised at fair value, net of the unamortised discount and issue costs of \u00a30.8m, and are subsequently measured at
\n
amortised cost. The fair value at 31 December 2025 was determined by the ask-price of \u00a3102.08 per \u00a3100, representing Level 1 fair value
\n
measurement. The carrying value at 31 December 2025 was \u00a3247.5m.
\n
2.68% unsecured private placement notes 2026, 2.87% unsecured private placement notes 2029, 2.97%
\n
unsecured private placement notes 2031 and 3.09% unsecured private placement notes 2034
\n
In October 2018, the Group arranged unsecured private placement notes, comprising \u00a355m for 7 years, \u00a393m for 10 years, \u00a350m for 12
\n
years and \u00a352m for 15 years. The funds were drawn on 31 January 2019. The fair values were determined by discounting the contractual
\n
cash \ufb02ows by the replacement rate. The replacement rate is the sum of the current underlying Gilt rate plus the market implied
\n
margin. These represent Level 2 fair value measurement. The carrying values at 31 December 2025 were \u00a355.0m (2024: \u00a354.9m),
\n
\u00a392.8m (2024: \u00a392.8m), \u00a349.9m (2024: \u00a349.9m) and \u00a351.8m (2024: \u00a351.8m), respectively.
\n
3.46% unsecured private placement notes 2028 and 3.57% unsecured private placement notes 2031
\n
In February 2016, the Group arranged unsecured private placement notes, comprising \u00a330m for 12 years and \u00a375m for 15 years. The
\n
funds were drawn on 4 May 2016. The fair values were determined by discounting the contractual cash \ufb02ows by the replacement rate.
\n
The replacement rate is the sum of the current underlying Gilt rate plus the market implied margin. These represent Level 2 fair value
\n
measurement. The carrying values at 31 December 2025 were \u00a329.9m (2024: \u00a329.9m) and \u00a374.8m (2024: \u00a374.8m), respectively.
\n
4.41% unsecured private placement notes 2029 and 4.68% unsecured private placement notes 2034
\n
In November 2013, the Group arranged unsecured private placement notes, comprising \u00a325m for 15 years and \u00a375m for 20 years. The
\n
funds were drawn on 8 January 2014. The fair values were determined by discounting the contractual cash \ufb02ows by the replacement
\n
rate. The replacement rate is the sum of the current underlying Gilt rate plus the market implied margin. These represent Level 2 fair
\n
value measurement. The carrying values at 31 December 2025 were \u00a324.9m (2024: \u00a324.9m) and \u00a374.6m (2024: \u00a374.6m), respectively.
\n
Unsecured bank loans
\n
In June 2024, the Group signed an agreement for an unsecured term loan facility of \u00a3100m. The loan is for a three-year term and has
\n
two one-year extension options. In June 2025, the Group exercised the \ufb01rst extension option.
\n
In December 2024, the Group signed an agreement for an unsecured facility of \u00a3115m, consisting of an \u00a382.5m term loan and \u00a332.5m
\n
revolving credit facility (RCF). The facility is for an initial two-year term and has two one-year extension options. In December 2025,
\n
the Group exercised the \ufb01rst extension option. The \u00a332.5m RCF was cancelled in July 2025.
\n
In February 2025, the Group signed an agreement for an unsecured facility of \u00a3115m, consisting of an \u00a382.5m term loan and \u00a332.5m
\n
revolving credit facility (RCF). The facility is for an initial two-year term and has a one-year extension option. The \u00a332.5m RCF was
\n
cancelled in July 2025.
\n
In July 2025, the Group amended and extended its principal \u00a3450m unsecured RCF, which was due to expire in October 2026. The
\n
facility, signed with the Group\u2019s core relationship banks, is structured as an initial four-year term with two one-year extension options.
\n
The facility is due to expire in July 2029.
\n
Unsecured bank borrowings are accounted for at amortised cost. At 31 December 2025, there was \u00a3nil (2024: \u00a3110.5m) drawn on the
\n
RCFs, \u00a3265.0m (2024: \u00a3182.5m) drawn on term loans and the combined unamortised arrangement fees were \u00a33.8m (2024: \u00a32.5m),
\n
resulting in the carrying value being \u00a3261.2m (2024: \u00a3290.5m).
\n
As all main corporate facilities were re\ufb01nanced or amended recently, the fair values of the Group\u2019s bank loans are deemed to be
\n
approximately the same as their carrying amount, after adjusting for the unamortised arrangement fees, and represent Level 2 fair
\n
value measurement.
Undrawn committed bank facilities \u2013 maturity pro\ufb01le
\n\n \n
< 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
> 5 years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 31 December 2025
\u2013
100.0
\u2013
450.0
\u2013
\u2013
550.0
At 31 December 2024
\u2013
395.5
76.5
\u2013
\u2013
\u2013
472.0
\n
Other loans
\n
At 31 December 2024, other loans consisted of a \u00a320m interest-free loan from a third party providing development consultancy
\n
services on the residential element of the 25 Baker Street W1 development. This was fully repaid in 2025. The agreement provides for a
\n
pro\ufb01t share on completion of the sales which, under IFRS 9 Financial Instruments, has been deemed to have a carrying value of \u00a3nil at
\n
31 December 2025 (2024: \u00a3nil). The carrying value of the loan at 31 December 2025 was \u00a3nil (2024: \u00a320.0m).
\n
Derivative \ufb01nancial instruments
\n
At 31 December 2024, the derivative \ufb01nancial instruments consisted of interest rate swaps. The fair values of the Group\u2019s outstanding
\n
interest rate swaps were estimated using the mid-point of the yield curves prevailing on the reporting date and represented the net
\n
present value of the di\ufb00erences between the contracted rate and the valuation rate when applied to the projected balances for the
\n
period from the reporting date to the contracted expiry dates. These represented Level 2 fair value measurement. These were fully
\n
settled in the year.
\n
During 2025, the Group entered into derivative contracts to hedge against movements in UK government bond yields in relation to the
\n
issuance of the \u00a3250m unsecured bonds in June 2025. These were fully settled on pricing of the bond.
\n\n \n
Group
Weighted average
Principal
interest rate
Average life
\u00a3m
%
Years
At 31 December 2025
Interest rate swaps
\u2013
\u2013
\u2013
At 31 December 2024
Interest rate swaps
75.0
1.36
0.3
\n
Secured and unsecured debt
\n\n \n
2025
2024
\u00a3m
\u00a3m
Secured
6.5% secured bonds
176.6
178.1
176.6
178.1
Unsecured
5.25% unsecured bonds
247.5
\u2013
1.5% unsecured convertible bonds
\u2013
174.1
1.875% unsecured green bonds
347.6
347.2
Unsecured private placement notes
453.7
453.6
Unsecured bank loans
261.2
290.5
Other loans
\u2013
20.0
1,310.0
1,285.4
Borrowings
1,486.6
1,463.5
\n
As at 31 December 2025, the Group\u2019s secured bonds 2026 were secured by a \ufb02oating charge over a number of the Group\u2019s subsidiary
\n
companies which contained \u00a3339.9m (2024: \u00a3376.3m) of the Group\u2019s properties.
\n
Fixed interest rate and hedged debt
\n
At 31 December 2025, the Group\u2019s \ufb01xed rate debt included the unsecured bonds, the unsecured green bonds, the secured bonds and
\n
the unsecured private placement notes. At 31 December 2024, the Group\u2019s \ufb01xed rate and hedged debt included the unsecured
\n
convertible bonds, the unsecured green bonds, the secured bonds, the unsecured private placement notes and other loans.
Interest rate exposure
\n
After taking into account the various interest rate hedging instruments entered into by the Group, the interest rate exposure of the
\n
Group\u2019s borrowings were:
\n\n \n
Weighted
Weighted
average
average
Floating rate
Hedged
Fixed rate
Borrowings
interest rate
1
life
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
Years
At 31 December 2025
5.25% unsecured bonds
\u2013
\u2013
247.5
247.5
5.25
6.4
6.5% secured bonds
\u2013
\u2013
176.6
176.6
6.50
0.2
1.875% unsecured green bonds
\u2013
\u2013
347.6
347.6
1.88
5.9
Unsecured private placement notes
\u2013
\u2013
453.7
453.7
3.42
4.6
Unsecured bank loans
261.2
\u2013
\u2013
261.2
5.17
1.9
261.2
\u2013
1,225.4
1,486.6
4.06
4.2
At 31 December 2024
1.5% unsecured convertible bonds
\u2013
\u2013
174.1
174.1
2.30
0.4
6.5% secured bonds
\u2013
\u2013
178.1
178.1
6.50
1.2
1.875% unsecured green bonds
\u2013
\u2013
347.2
347.2
1.88
6.9
Unsecured private placement notes
\u2013
\u2013
453.6
453.6
3.42
5.6
Unsecured bank loans
216.1
74.4
\u2013
290.5
4.81
2.2
Other loans
2
\u2013
\u2013
20.0
20.0
\u2013
\u2013
216.1
74.4
1,173.0
1,463.5
3.53
4.0
\n
1
The weighted average interest rates are based on the nominal amounts of the debt facilities.
\n
2
Other loans shown above are interest free and have no \ufb01xed repayment date. For further detail, see Other loans section above.
\n
Contractual undiscounted cash out\ufb02ows
\n
IFRS 7 Financial Instruments: Disclosure, requires disclosure of the maturity of the Group\u2019s remaining contractual \ufb01nancial liabilities.
\n
The tables below show the contractual undiscounted cash out\ufb02ows arising from the Group\u2019s gross debt.
\n\n \n
< 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
> 5 years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 31 December 2025
5.25% unsecured bonds
\u2013
\u2013
\u2013
\u2013
\u2013
250.0
250.0
6.5% secured bonds
175.0
\u2013
\u2013
\u2013
\u2013
\u2013
175.0
1.875% unsecured green bonds
\u2013
\u2013
\u2013
\u2013
\u2013
350.0
350.0
Unsecured private placement notes
55.0
\u2013
30.0
118.0
\u2013
252.0
455.0
Unsecured bank loans
\u2013
165.0
100.0
\u2013
\u2013
\u2013
265.0
Total on maturity
230.0
165.0
130.0
118.0
\u2013
852.0
1,495.0
Leasehold liabilities
2.0
2.0
2.0
2.0
2.0
254.0
264.0
Interest on borrowings
48.6
42.7
35.5
29.2
29.0
40.9
225.9
Gross loan commitments
280.6
209.7
167.5
149.2
31.0
1,146.9
1,984.9
At 31 December 2024
1.5% unsecured convertible bonds
175.0
\u2013
\u2013
\u2013
\u2013
\u2013
175.0
6.5% secured bonds
\u2013
175.0
\u2013
\u2013
\u2013
\u2013
175.0
1.875% unsecured green bonds
\u2013
\u2013
\u2013
\u2013
\u2013
350.0
350.0
Unsecured private placement notes
\u2013
55.0
\u2013
30.0
118.0
252.0
455.0
Unsecured bank loans
\u2013
169.5
123.5
\u2013
\u2013
\u2013
293.0
Other loans
20.0
\u2013
\u2013
\u2013
\u2013
\u2013
20.0
Total on maturity
195.0
399.5
123.5
30.0
118.0
602.0
1,468.0
Leasehold liabilities
1.7
1.8
1.8
1.8
1.6
208.6
217.3
Interest on borrowings
50.7
37.4
24.1
20.0
16.1
15.8
164.1
E\ufb00ect of interest rate swaps
(0.8)
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
Gross loan commitments
246.6
438.7
149.4
51.8
135.7
826.4
1,848.6
Reconciliation to borrowings:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Adjustments
\u00a0
\u00a0 \u00a0 \u00a0
E\ufb00ect of
\u00a0 \u00a0 \u00a0
\u00a0
Gross loan
Interest on
interest
Leasehold
Non-cash
\u00a0
\u00a0
commitments
gross debt
rate swaps
liabilities
amortisation
Borrowings
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Maturing in:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
< 1 year
280.6
(48.6)
\u2013
(2.0)
1.6
231.6
1 to 2 years
209.7
(42.7)
\u2013
(2.0)
(0.8)
164.2
2 to 3 years
167.5
(35.5)
\u2013
(2.0)
(0.5)
129.5
3 to 4 years
149.2
(29.2)
\u2013
(2.0)
(3.0)
115.0
4 to 5 years
31.0
(29.0)
\u2013
(2.0)
\u2013
\u2013
> 5 years
1,146.9
(40.9)
\u2013
(254.0)
(5.7)
846.3
\u00a0
1,984.9
(225.9)
\u2013
(264.0)
(8.4)
1,486.6
At 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Maturing in:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
< 1 year
246.6
(50.7)
0.8
(1.7)
\u2013
195.0
1 to 2 years
438.7
(37.4)
\u2013
(1.8)
(1.8)
397.7
2 to 3 years
149.4
(24.1)
\u2013
(1.8)
(1.9)
121.6
3 to 4 years
51.8
(20.0)
\u2013
(1.8)
3.0
33.0
4 to 5 years
135.7
(16.1)
\u2013
(1.6)
(0.3)
117.7
> 5 years
826.4
(15.8)
\u2013
(208.6)
(3.5)
598.5
\u00a0
1,848.6
(164.1)
0.8
(217.3)
(4.5)
1,463.5
\n
Financial instruments \u2013 risk management
The Group is exposed to a range of \ufb01nancial risks through its activities, in particular credit risk, market risk and liquidity risk. These
risks arise naturally from the Group\u2019s use of \ufb01nancial instruments in managing a large, London-focused property portfolio, and the
Group\u2019s framework for identifying, assessing and managing such risks remains well established. Further quantitative information in
respect of these risks is presented throughout these \ufb01nancial statements, with additional disclosures required under IFRS 7 provided on
pages 100 to 111.
While the overall risk pro\ufb01le has not changed materially from the prior year, the environment in which the Group operates continues to
evolve. The Group\u2019s approach therefore re\ufb02ects both prevailing market conditions and its long-term strategic priorities.
Financial instrument risk arises mainly from the Group\u2019s use of trade receivables, accrued income relating to lease incentives, cash
deposits, trade and other payables, \ufb02oating rate bank facilities, private placement notes, secured and unsecured bonds and interest
rate derivatives. The Board is responsible for setting the overarching risk management objectives, with day-to-day monitoring and
implementation delegated to the executive management team. The objective continues to be the conservative management of risk
while maintaining the \ufb02exibility required to pursue value-accretive development and investment opportunities.
Credit risk
Credit risk principally arises from amounts owed by tenants, re\ufb02ecting the Group\u2019s position as a major central London landlord. It is
the Group\u2019s policy to assess the creditworthiness of prospective tenants before entering into lease contracts. The Board\u2019s Credit
Committee assesses each new tenant, drawing on \ufb01nancial statements, external ratings where available and, in some cases, forecast
information and bank or trade references. Where appropriate, the Group may seek a rent deposit or guarantee. Existing tenant
exposure is reviewed periodically, with additional focus on sectors experiencing structural pressures or where creditworthiness may be
more variable. The Group has historically experienced low levels of tenant default, re\ufb02ecting the strength of its tenant base and the
e\ufb00ectiveness of its credit assessment and monitoring processes.
While the Group operates predominantly in central London and is therefore exposed to some geographical concentration risk, this is
mitigated by the broad range of tenants across multiple industry sectors. In accordance with IFRS 9, trade receivables are assessed
using an expected credit loss model, while lease incentive receivables are reviewed under IAS 36.
Credit risk arising from cash balances is controlled by depositing funds only with institutions that meet minimum investment-grade
criteria and by keeping maturities short. Across all \ufb01nancial assets, the carrying amounts recognised in the balance sheet represent
the maximum exposure to credit risk.
Market risk
Market risk principally re\ufb02ects the Group\u2019s exposure to movements in interest rates, given its mix of \ufb01xed and \ufb02oating-rate funding.
The Group regularly monitors its interest rate exposure and performs sensitivity analysis to assess the potential e\ufb00ect of reasonably
possible shifts in interest rates on pro\ufb01t and net assets. A 50-basis point shift in interest rates would result in an increase or decrease
in pro\ufb01t or loss and net assets of \u00a31.3m (2024: \u00a31.1m).
It is the Group\u2019s policy to maintain a signi\ufb01cant proportion of expected borrowings at \ufb01xed rates, typically in the range of 60% to 85%,
achieved through a combination of \ufb01xed-rate debt and \ufb02oating-to-\ufb01xed interest rate swaps. At 31 December 2025, 82% of the Group\u2019s
debt was \ufb01xed (2024: 85%), in line with policy.
From time to time, when preparing for a public bond issuance, the Group may also make use of gilt locks to e\ufb00ectively hedge
movements in the underlying gilt yield between launch and pricing, thereby providing certainty over the coupon payable on the
forthcoming issuance. This forms part of the Group\u2019s broader interest rate risk management strategy and complements the use of
interest rate swaps and \ufb01xed-rate funding.
All variable-rate borrowings continued to be denominated in Sterling. When raising new long-term funding, the Group generally
prefers \ufb01xed-rate structures to support cash\ufb02ow predictability and capital planning.
Liquidity risk
Liquidity risk arises from the need to meet the Group\u2019s \ufb01nancial obligations as they fall due, including interest payments, scheduled
loan repayments and working capital requirements of the business.
The Group manages liquidity risk by maintaining appropriate headroom on its committed revolving bank facilities and by spreading
debt maturity dates across a range of lenders. Cash \ufb02ows and projected loan balances are monitored regularly by the executive
management team as part of the Group\u2019s forecasting process, with forward-looking assessments covering a range of scenarios,
including downside cases.
The Group also supports liquidity stability by \ufb01xing interest rates (and therefore cash \ufb02ows) on a substantial portion of long-term
borrowings. At the balance sheet date, the Group\u2019s projections indicated that it held su\ufb03cient liquidity to meet its obligations under
all reasonably foreseeable scenarios.
Capital management
The Group\u2019s capital structure comprises equity and net debt. Consistent with the strategy applied in recent years, the principal
objectives of capital management are to ensure the Group remains \ufb01nancially robust and e\ufb03cient, while being able to continue as a
going concern.
Capital is monitored using key measures such as NAV gearing, loan-to-value ratio, interest cover and net debt/EBITDA, all of which are
de\ufb01ned within the list of de\ufb01nitions on pages 290 to 293 and are derived in note 39 to the \ufb01nancial statements.
The Group also maintains signi\ufb01cant uncharged property, re\ufb02ecting its predominantly unsecured \ufb01nancing structure. At 31 December
2025, there was \u00a34.8bn (2024: \u00a34.7bn) of uncharged property. This provides \ufb02exibility to raise some future secured \ufb01nance if required
and supports a diversi\ufb01ed approach to funding. Adjustments to the capital structure are considered in the context of market
conditions, \ufb01nancial covenants and the Group\u2019s future development and acquisition plans. Potential actions include varying dividend
levels (within REIT rules), returning capital to shareholders, issuing or redeeming debt or disposing of assets to reduce gearing.
25\u2002Financial assets and liabilities and fair values
Categories of \ufb01nancial assets and liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Fair value
Financial
Financial
Total
\u00a0
through pro\ufb01t
assets held at
liabilities held at
carrying
\u00a0
and loss
amortised cost
amortised cost
value
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Cash and cash equivalents
\u2013
131.7
\u2013
131.7
Other assets \u2013 current
\u2013
6.6
\u2013
6.6
\u00a0
\u2013
138.3
\u2013
138.3
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
5.25% unsecured bonds
\u2013
\u2013
(247.5)
(247.5)
6.5% secured bonds
\u2013
\u2013
(176.6)
(176.6)
1.875% unsecured green bonds
\u2013
\u2013
(347.6)
(347.6)
Unsecured private placement notes
\u2013
\u2013
(453.7)
(453.7)
Bank borrowings due after one year
\u2013
\u2013
(261.2)
(261.2)
Leasehold liabilities
\u2013
\u2013
(41.0)
(41.0)
Other liabilities \u2013 current
\u2013
\u2013
(119.8)
(119.8)
\u00a0
\u2013
\u2013
(1,647.4)
(1,647.4)
At 31 December 2025
\u2013
138.3
(1,647.4)
(1,509.1)
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Cash and cash equivalents
\u2013
71.4
\u2013
71.4
Other assets \u2013 current
\u2013
17.6
\u2013
17.6
\u00a0
\u2013
89.0
\u2013
89.0
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
1.5% unsecured convertible bonds
\u2013
\u2013
(174.1)
(174.1)
6.5% secured bonds
\u2013
\u2013
(178.1)
(178.1)
1.875% unsecured green bonds
\u2013
\u2013
(347.2)
(347.2)
Unsecured private placement notes
\u2013
\u2013
(453.6)
(453.6)
Bank borrowings due after one year
\u2013
\u2013
(290.5)
(290.5)
Other loans
\u2013
\u2013
(20.0)
(20.0)
Leasehold liabilities
\u2013
\u2013
(34.6)
(34.6)
Derivative \ufb01nancial instruments
0.6
\u2013
\u2013
0.6
Other liabilities \u2013 current
\u2013
\u2013
(117.4)
(117.4)
\u00a0
0.6
\u2013
(1,615.5)
(1,614.9)
At 31 December 2024
0.6
89.0
(1,615.5)
(1,525.9)
\n
Reconciliation of net \ufb01nancial assets and liabilities to gross debt:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Net \ufb01nancial assets and liabilities
(1,509.1)
(1,525.9)
Other assets \u2013 current
(6.6)
(17.6)
Other liabilities \u2013 current
119.8
117.4
Cash and cash equivalents
(131.7)
(71.4)
Gross debt
(1,527.6)
(1,497.5)
Fair value measurement
The table below shows the fair values, where applicable, of borrowings and derivative \ufb01nancial instruments held by the Group,
together with a reconciliation to net \ufb01nancial assets and liabilities. Details of inputs and valuation methods used to derive the fair
values are shown in note 24.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
\u00a0
\u00a0
Carrying value
Fair value
Fair value
\u00a0
\u00a3m
\u00a3m
hierarchy
At 31 December 2025
\u00a0 \u00a0 \u00a0
5.25% unsecured bonds
(247.5)
(255.2)
Level 1
6.5% secured bonds
(176.6)
(175.7)
Level 1
1.875% unsecured green bonds
(347.6)
(298.3)
Level 1
Unsecured private placement notes
(453.7)
(404.2)
Level 2
Bank borrowings due after one year
(261.2)
(265.0)
Level 2
\u00a0
(1,486.6)
(1,398.4)
\u00a0
Amounts not fair valued:
\u00a0 \u00a0 \u00a0
Cash and cash equivalents
131.7
\u00a0 \u00a0
Other assets \u2013 current
6.6
\u00a0 \u00a0
Leasehold liabilities
(41.0)
\u00a0 \u00a0
Other liabilities \u2013 current
(119.8)
\u00a0 \u00a0
Net \ufb01nancial assets and liabilities
(1,509.1)
\u00a0 \u00a0
At 31 December 2024
\u00a0 \u00a0 \u00a0
1.5% unsecured convertible bonds
(174.1)
(171.6)
Level 1
6.5% secured bonds
(178.1)
(176.7)
Level 1
1.875% unsecured green bonds
(347.2)
(281.2)
Level 1
Unsecured private placement notes
(453.6)
(391.3)
Level 2
Bank borrowings due after one year
(290.5)
(293.0)
Level 2
Other loans
(20.0)
(20.0)
Level 2
Derivative \ufb01nancial instruments
0.6
0.6
Level 2
\u00a0
(1,462.9)
(1,333.2)
\u00a0
Amounts not fair valued:
\u00a0 \u00a0 \u00a0
Cash and cash equivalents
71.4
\u00a0 \u00a0
Other assets \u2013 current
17.6
\u00a0 \u00a0
Leasehold liabilities
(34.6)
\u00a0 \u00a0
Other liabilities \u2013 current
(117.4)
\u00a0 \u00a0
Net \ufb01nancial assets and liabilities
(1,525.9)
\u00a0 \u00a0
\n
The fair values of the following \ufb01nancial assets and liabilities are the same as their carrying values:
\ue001
Cash and cash equivalents.
\ue001
Trade receivables, other receivables and accrued income included within trade and other receivables.
\ue001
Trade payables, other payables and accruals included within trade and other payables.
\ue001
Leasehold liabilities.
There have been no transfers between levels in either 2025 or 2024.
26\u2002Net debt to cash \ufb02ow reconciliation
Net debt reconciliation
The table below shows net debt movement during the year as a result of cash \ufb02ows and other non-cash movements.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Non-cash changes
\u00a0
\u00a0 \u00a0 \u00a0
Impact of
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0
issue and
\u00a0 \u00a0 \u00a0 \u00a0
Transfer from
\u00a0
\u00a0 \u00a0
Cash
arrangement
\u00a0
Fair value
\u00a0
Unwind of
non-current to
\u00a0
\u00a0
2024
\ufb02ows
costs
Other
adjustments
Additions
discount
current
2025
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Current liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
194.1
(195.0)
0.1
(0.1)
\u2013
\u2013
0.9
231.6
231.6
Leasehold liabilities
0.4
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
0.5
Non-current liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
1,269.4
214.8
2.7
0.3
(0.6)
\u2013
\u2013
(231.6)
1,255.0
Leasehold liabilities
34.2
\u2013
\u2013
\u2013
-
6.6
(0.3)
\u2013
40.5
Total liabilities from
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\ufb01nancing activities
1,498.1
19.8
2.8
0.2
(0.6)
6.7
0.6
\u2013
1,527.6
Cash at bank
1
(15.4)
(61.8)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(77.2)
Net debt
1,482.7
(42.0)
2.8
0.2
(0.6)
6.7
0.6
\u2013
1,450.4
\n
1
Cash at bank excluding restricted cash (see note 32). ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00181": { "value": "24\u2002Net debt and derivative \ufb01nancial instruments \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Current liabilities
\u00a0 \u00a0
Other loans
\u2013
20.0
6.5% secured bonds
176.6
\u2013
2.68% unsecured private placement notes
55.0
\u2013
1.5% unsecured convertible bonds
\u2013
174.1
\u00a0
231.6
194.1
Non-current liabilities
\u00a0 \u00a0
6.5% secured bonds
\u2013
178.1
1.875% unsecured green bonds
347.6
347.2
5.25% unsecured bonds
247.5
\u2013
2.68% unsecured private placement notes
\u2013
54.9
3.46% unsecured private placement notes
29.9
29.9
4.41% unsecured private placement notes
24.9
24.9
2.87% unsecured private placement notes
92.8
92.8
2.97% unsecured private placement notes
49.9
49.9
3.57% unsecured private placement notes
74.8
74.8
3.09% unsecured private placement notes
51.8
51.8
4.68% unsecured private placement notes
74.6
74.6
Unsecured bank loans
261.2
290.5
\u00a0
1,255.0
1,269.4
Borrowings
1,486.6
1,463.5
Leasehold liabilities \u2013 current
0.5
0.4
Leasehold liabilities \u2013 non-current
40.5
34.2
Derivative \ufb01nancial instruments \u2013 current
\u2013
(0.6)
Gross debt
1,527.6
1,497.5
Reconciliation to net debt:
\u00a0 \u00a0
Gross debt
1,527.6
1,497.5
Derivative \ufb01nancial instruments
\u2013
0.6
Cash at bank excluding restricted cash (see note 32)
(77.2)
(15.4)
Net debt
1,450.4
1,482.7
\n
1.5% unsecured convertible bonds 2025
In June 2025, the Group\u2019s 1.5% unsecured convertible bonds matured and were repaid, without any conversion to equity.
6.5% secured bonds 2026
As a result of the acquisition of London Merchant Securities plc in 2007, the secured bonds 2026 were included at fair value less
unamortised issue costs. This di\ufb00erence between fair value at acquisition and principal value is being amortised through the income
statement. The fair value at 31 December 2025 was determined by the ask-price of \u00a3100.40 per \u00a3100 (2024: \u00a3100.99 per \u00a3100),
representing Level 1 fair value measurement. The carrying value at 31 December 2025 was \u00a3176.6m (2024: \u00a3178.1m).
1.875% unsecured green bonds 2031
In November 2021, the Group issued \u00a3350m of green bonds on a 10-year term maturing in 2031. The unsecured instrument pays a
coupon of 1.875% and the e\ufb00ective interest rate is 1.934%. This represents an issue discount of \u00a31.8m. The unsecured green bonds 2031
are accounted for at amortised cost. The fair value at 31 December 2025 was determined by the ask-price of \u00a385.23 per \u00a3100 (2024:
\u00a380.36 per \u00a3100), representing Level 1 fair value measurement. The carrying value at 31 December 2025 was \u00a3347.6m (2024: \u00a3347.2m).
The \u00a3350m green bonds are used to fund qualifying \u2018green\u2019 expenditure in accordance with the Group\u2019s Green Finance Framework.
\n
5.25% unsecured bonds 2032
\n
In June 2025, the Group issued \u00a3250m of unsecured bonds on a 7-year term maturing in 2032. The unsecured instrument pays a
\n
coupon of 5.25% and the e\ufb00ective interest rate is 5.338%. This represents an issue discount of \u00a31.3m. The unsecured bonds were
\n
initially recognised at fair value, net of the unamortised discount and issue costs of \u00a30.8m, and are subsequently measured at
\n
amortised cost. The fair value at 31 December 2025 was determined by the ask-price of \u00a3102.08 per \u00a3100, representing Level 1 fair value
\n
measurement. The carrying value at 31 December 2025 was \u00a3247.5m.
\n
2.68% unsecured private placement notes 2026, 2.87% unsecured private placement notes 2029, 2.97%
\n
unsecured private placement notes 2031 and 3.09% unsecured private placement notes 2034
\n
In October 2018, the Group arranged unsecured private placement notes, comprising \u00a355m for 7 years, \u00a393m for 10 years, \u00a350m for 12
\n
years and \u00a352m for 15 years. The funds were drawn on 31 January 2019. The fair values were determined by discounting the contractual
\n
cash \ufb02ows by the replacement rate. The replacement rate is the sum of the current underlying Gilt rate plus the market implied
\n
margin. These represent Level 2 fair value measurement. The carrying values at 31 December 2025 were \u00a355.0m (2024: \u00a354.9m),
\n
\u00a392.8m (2024: \u00a392.8m), \u00a349.9m (2024: \u00a349.9m) and \u00a351.8m (2024: \u00a351.8m), respectively.
\n
3.46% unsecured private placement notes 2028 and 3.57% unsecured private placement notes 2031
\n
In February 2016, the Group arranged unsecured private placement notes, comprising \u00a330m for 12 years and \u00a375m for 15 years. The
\n
funds were drawn on 4 May 2016. The fair values were determined by discounting the contractual cash \ufb02ows by the replacement rate.
\n
The replacement rate is the sum of the current underlying Gilt rate plus the market implied margin. These represent Level 2 fair value
\n
measurement. The carrying values at 31 December 2025 were \u00a329.9m (2024: \u00a329.9m) and \u00a374.8m (2024: \u00a374.8m), respectively.
\n
4.41% unsecured private placement notes 2029 and 4.68% unsecured private placement notes 2034
\n
In November 2013, the Group arranged unsecured private placement notes, comprising \u00a325m for 15 years and \u00a375m for 20 years. The
\n
funds were drawn on 8 January 2014. The fair values were determined by discounting the contractual cash \ufb02ows by the replacement
\n
rate. The replacement rate is the sum of the current underlying Gilt rate plus the market implied margin. These represent Level 2 fair
\n
value measurement. The carrying values at 31 December 2025 were \u00a324.9m (2024: \u00a324.9m) and \u00a374.6m (2024: \u00a374.6m), respectively.
\n
Unsecured bank loans
\n
In June 2024, the Group signed an agreement for an unsecured term loan facility of \u00a3100m. The loan is for a three-year term and has
\n
two one-year extension options. In June 2025, the Group exercised the \ufb01rst extension option.
\n
In December 2024, the Group signed an agreement for an unsecured facility of \u00a3115m, consisting of an \u00a382.5m term loan and \u00a332.5m
\n
revolving credit facility (RCF). The facility is for an initial two-year term and has two one-year extension options. In December 2025,
\n
the Group exercised the \ufb01rst extension option. The \u00a332.5m RCF was cancelled in July 2025.
\n
In February 2025, the Group signed an agreement for an unsecured facility of \u00a3115m, consisting of an \u00a382.5m term loan and \u00a332.5m
\n
revolving credit facility (RCF). The facility is for an initial two-year term and has a one-year extension option. The \u00a332.5m RCF was
\n
cancelled in July 2025.
\n
In July 2025, the Group amended and extended its principal \u00a3450m unsecured RCF, which was due to expire in October 2026. The
\n
facility, signed with the Group\u2019s core relationship banks, is structured as an initial four-year term with two one-year extension options.
\n
The facility is due to expire in July 2029.
\n
Unsecured bank borrowings are accounted for at amortised cost. At 31 December 2025, there was \u00a3nil (2024: \u00a3110.5m) drawn on the
\n
RCFs, \u00a3265.0m (2024: \u00a3182.5m) drawn on term loans and the combined unamortised arrangement fees were \u00a33.8m (2024: \u00a32.5m),
\n
resulting in the carrying value being \u00a3261.2m (2024: \u00a3290.5m).
\n
As all main corporate facilities were re\ufb01nanced or amended recently, the fair values of the Group\u2019s bank loans are deemed to be
\n
approximately the same as their carrying amount, after adjusting for the unamortised arrangement fees, and represent Level 2 fair
\n
value measurement.
\n\n
Undrawn committed bank facilities \u2013 maturity pro\ufb01le
\n\n \n
< 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
> 5 years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 31 December 2025
\u2013
100.0
\u2013
450.0
\u2013
\u2013
550.0
At 31 December 2024
\u2013
395.5
76.5
\u2013
\u2013
\u2013
472.0
\n
Other loans
\n
At 31 December 2024, other loans consisted of a \u00a320m interest-free loan from a third party providing development consultancy
\n
services on the residential element of the 25 Baker Street W1 development. This was fully repaid in 2025. The agreement provides for a
\n
pro\ufb01t share on completion of the sales which, under IFRS 9 Financial Instruments, has been deemed to have a carrying value of \u00a3nil at
\n
31 December 2025 (2024: \u00a3nil). The carrying value of the loan at 31 December 2025 was \u00a3nil (2024: \u00a320.0m).
\n
Derivative \ufb01nancial instruments
\n
At 31 December 2024, the derivative \ufb01nancial instruments consisted of interest rate swaps. The fair values of the Group\u2019s outstanding
\n
interest rate swaps were estimated using the mid-point of the yield curves prevailing on the reporting date and represented the net
\n
present value of the di\ufb00erences between the contracted rate and the valuation rate when applied to the projected balances for the
\n
period from the reporting date to the contracted expiry dates. These represented Level 2 fair value measurement. These were fully
\n
settled in the year.
\n
During 2025, the Group entered into derivative contracts to hedge against movements in UK government bond yields in relation to the
\n
issuance of the \u00a3250m unsecured bonds in June 2025. These were fully settled on pricing of the bond.
\n\n \n
Group
Weighted average
Principal
interest rate
Average life
\u00a3m
%
Years
At 31 December 2025
Interest rate swaps
\u2013
\u2013
\u2013
At 31 December 2024
Interest rate swaps
75.0
1.36
0.3
\n
Secured and unsecured debt
\n\n \n
2025
2024
\u00a3m
\u00a3m
Secured
6.5% secured bonds
176.6
178.1
176.6
178.1
Unsecured
5.25% unsecured bonds
247.5
\u2013
1.5% unsecured convertible bonds
\u2013
174.1
1.875% unsecured green bonds
347.6
347.2
Unsecured private placement notes
453.7
453.6
Unsecured bank loans
261.2
290.5
Other loans
\u2013
20.0
1,310.0
1,285.4
Borrowings
1,486.6
1,463.5
\n
As at 31 December 2025, the Group\u2019s secured bonds 2026 were secured by a \ufb02oating charge over a number of the Group\u2019s subsidiary
\n
companies which contained \u00a3339.9m (2024: \u00a3376.3m) of the Group\u2019s properties.
\n
Fixed interest rate and hedged debt
\n
At 31 December 2025, the Group\u2019s \ufb01xed rate debt included the unsecured bonds, the unsecured green bonds, the secured bonds and
\n
the unsecured private placement notes. At 31 December 2024, the Group\u2019s \ufb01xed rate and hedged debt included the unsecured
\n
convertible bonds, the unsecured green bonds, the secured bonds, the unsecured private placement notes and other loans.
\n
Interest rate exposure
\n
After taking into account the various interest rate hedging instruments entered into by the Group, the interest rate exposure of the
\n
Group\u2019s borrowings were:
\n\n \n
Weighted
Weighted
average
average
Floating rate
Hedged
Fixed rate
Borrowings
interest rate
1
life
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
Years
At 31 December 2025
5.25% unsecured bonds
\u2013
\u2013
247.5
247.5
5.25
6.4
6.5% secured bonds
\u2013
\u2013
176.6
176.6
6.50
0.2
1.875% unsecured green bonds
\u2013
\u2013
347.6
347.6
1.88
5.9
Unsecured private placement notes
\u2013
\u2013
453.7
453.7
3.42
4.6
Unsecured bank loans
261.2
\u2013
\u2013
261.2
5.17
1.9
261.2
\u2013
1,225.4
1,486.6
4.06
4.2
At 31 December 2024
1.5% unsecured convertible bonds
\u2013
\u2013
174.1
174.1
2.30
0.4
6.5% secured bonds
\u2013
\u2013
178.1
178.1
6.50
1.2
1.875% unsecured green bonds
\u2013
\u2013
347.2
347.2
1.88
6.9
Unsecured private placement notes
\u2013
\u2013
453.6
453.6
3.42
5.6
Unsecured bank loans
216.1
74.4
\u2013
290.5
4.81
2.2
Other loans
2
\u2013
\u2013
20.0
20.0
\u2013
\u2013
216.1
74.4
1,173.0
1,463.5
3.53
4.0
\n
1
The weighted average interest rates are based on the nominal amounts of the debt facilities.
\n
2
Other loans shown above are interest free and have no \ufb01xed repayment date. For further detail, see Other loans section above.
\n
Contractual undiscounted cash out\ufb02ows
\n
IFRS 7 Financial Instruments: Disclosure, requires disclosure of the maturity of the Group\u2019s remaining contractual \ufb01nancial liabilities.
\n
The tables below show the contractual undiscounted cash out\ufb02ows arising from the Group\u2019s gross debt.
\n\n \n
< 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
> 5 years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 31 December 2025
5.25% unsecured bonds
\u2013
\u2013
\u2013
\u2013
\u2013
250.0
250.0
6.5% secured bonds
175.0
\u2013
\u2013
\u2013
\u2013
\u2013
175.0
1.875% unsecured green bonds
\u2013
\u2013
\u2013
\u2013
\u2013
350.0
350.0
Unsecured private placement notes
55.0
\u2013
30.0
118.0
\u2013
252.0
455.0
Unsecured bank loans
\u2013
165.0
100.0
\u2013
\u2013
\u2013
265.0
Total on maturity
230.0
165.0
130.0
118.0
\u2013
852.0
1,495.0
Leasehold liabilities
2.0
2.0
2.0
2.0
2.0
254.0
264.0
Interest on borrowings
48.6
42.7
35.5
29.2
29.0
40.9
225.9
Gross loan commitments
280.6
209.7
167.5
149.2
31.0
1,146.9
1,984.9
At 31 December 2024
1.5% unsecured convertible bonds
175.0
\u2013
\u2013
\u2013
\u2013
\u2013
175.0
6.5% secured bonds
\u2013
175.0
\u2013
\u2013
\u2013
\u2013
175.0
1.875% unsecured green bonds
\u2013
\u2013
\u2013
\u2013
\u2013
350.0
350.0
Unsecured private placement notes
\u2013
55.0
\u2013
30.0
118.0
252.0
455.0
Unsecured bank loans
\u2013
169.5
123.5
\u2013
\u2013
\u2013
293.0
Other loans
20.0
\u2013
\u2013
\u2013
\u2013
\u2013
20.0
Total on maturity
195.0
399.5
123.5
30.0
118.0
602.0
1,468.0
Leasehold liabilities
1.7
1.8
1.8
1.8
1.6
208.6
217.3
Interest on borrowings
50.7
37.4
24.1
20.0
16.1
15.8
164.1
E\ufb00ect of interest rate swaps
(0.8)
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
Gross loan commitments
246.6
438.7
149.4
51.8
135.7
826.4
1,848.6
Reconciliation to borrowings:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Adjustments
\u00a0
\u00a0 \u00a0 \u00a0
E\ufb00ect of
\u00a0 \u00a0 \u00a0
\u00a0
Gross loan
Interest on
interest
Leasehold
Non-cash
\u00a0
\u00a0
commitments
gross debt
rate swaps
liabilities
amortisation
Borrowings
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Maturing in:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
< 1 year
280.6
(48.6)
\u2013
(2.0)
1.6
231.6
1 to 2 years
209.7
(42.7)
\u2013
(2.0)
(0.8)
164.2
2 to 3 years
167.5
(35.5)
\u2013
(2.0)
(0.5)
129.5
3 to 4 years
149.2
(29.2)
\u2013
(2.0)
(3.0)
115.0
4 to 5 years
31.0
(29.0)
\u2013
(2.0)
\u2013
\u2013
> 5 years
1,146.9
(40.9)
\u2013
(254.0)
(5.7)
846.3
\u00a0
1,984.9
(225.9)
\u2013
(264.0)
(8.4)
1,486.6
At 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Maturing in:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
< 1 year
246.6
(50.7)
0.8
(1.7)
\u2013
195.0
1 to 2 years
438.7
(37.4)
\u2013
(1.8)
(1.8)
397.7
2 to 3 years
149.4
(24.1)
\u2013
(1.8)
(1.9)
121.6
3 to 4 years
51.8
(20.0)
\u2013
(1.8)
3.0
33.0
4 to 5 years
135.7
(16.1)
\u2013
(1.6)
(0.3)
117.7
> 5 years
826.4
(15.8)
\u2013
(208.6)
(3.5)
598.5
\u00a0
1,848.6
(164.1)
0.8
(217.3)
(4.5)
1,463.5
\n
Financial instruments \u2013 risk management
The Group is exposed to a range of \ufb01nancial risks through its activities, in particular credit risk, market risk and liquidity risk. These
risks arise naturally from the Group\u2019s use of \ufb01nancial instruments in managing a large, London-focused property portfolio, and the
Group\u2019s framework for identifying, assessing and managing such risks remains well established. Further quantitative information in
respect of these risks is presented throughout these \ufb01nancial statements, with additional disclosures required under IFRS 7 provided on
pages 100 to 111.
While the overall risk pro\ufb01le has not changed materially from the prior year, the environment in which the Group operates continues to
evolve. The Group\u2019s approach therefore re\ufb02ects both prevailing market conditions and its long-term strategic priorities.
Financial instrument risk arises mainly from the Group\u2019s use of trade receivables, accrued income relating to lease incentives, cash
deposits, trade and other payables, \ufb02oating rate bank facilities, private placement notes, secured and unsecured bonds and interest
rate derivatives. The Board is responsible for setting the overarching risk management objectives, with day-to-day monitoring and
implementation delegated to the executive management team. The objective continues to be the conservative management of risk
while maintaining the \ufb02exibility required to pursue value-accretive development and investment opportunities.
Credit risk
Credit risk principally arises from amounts owed by tenants, re\ufb02ecting the Group\u2019s position as a major central London landlord. It is
the Group\u2019s policy to assess the creditworthiness of prospective tenants before entering into lease contracts. The Board\u2019s Credit
Committee assesses each new tenant, drawing on \ufb01nancial statements, external ratings where available and, in some cases, forecast
information and bank or trade references. Where appropriate, the Group may seek a rent deposit or guarantee. Existing tenant
exposure is reviewed periodically, with additional focus on sectors experiencing structural pressures or where creditworthiness may be
more variable. The Group has historically experienced low levels of tenant default, re\ufb02ecting the strength of its tenant base and the
e\ufb00ectiveness of its credit assessment and monitoring processes.
While the Group operates predominantly in central London and is therefore exposed to some geographical concentration risk, this is
mitigated by the broad range of tenants across multiple industry sectors. In accordance with IFRS 9, trade receivables are assessed
using an expected credit loss model, while lease incentive receivables are reviewed under IAS 36.
Credit risk arising from cash balances is controlled by depositing funds only with institutions that meet minimum investment-grade
criteria and by keeping maturities short. Across all \ufb01nancial assets, the carrying amounts recognised in the balance sheet represent
the maximum exposure to credit risk.
Market risk
Market risk principally re\ufb02ects the Group\u2019s exposure to movements in interest rates, given its mix of \ufb01xed and \ufb02oating-rate funding.
The Group regularly monitors its interest rate exposure and performs sensitivity analysis to assess the potential e\ufb00ect of reasonably
possible shifts in interest rates on pro\ufb01t and net assets. A 50-basis point shift in interest rates would result in an increase or decrease
in pro\ufb01t or loss and net assets of \u00a31.3m (2024: \u00a31.1m).
It is the Group\u2019s policy to maintain a signi\ufb01cant proportion of expected borrowings at \ufb01xed rates, typically in the range of 60% to 85%,
achieved through a combination of \ufb01xed-rate debt and \ufb02oating-to-\ufb01xed interest rate swaps. At 31 December 2025, 82% of the Group\u2019s
debt was \ufb01xed (2024: 85%), in line with policy.
From time to time, when preparing for a public bond issuance, the Group may also make use of gilt locks to e\ufb00ectively hedge
movements in the underlying gilt yield between launch and pricing, thereby providing certainty over the coupon payable on the
forthcoming issuance. This forms part of the Group\u2019s broader interest rate risk management strategy and complements the use of
interest rate swaps and \ufb01xed-rate funding.
All variable-rate borrowings continued to be denominated in Sterling. When raising new long-term funding, the Group generally
prefers \ufb01xed-rate structures to support cash\ufb02ow predictability and capital planning.
Liquidity risk
Liquidity risk arises from the need to meet the Group\u2019s \ufb01nancial obligations as they fall due, including interest payments, scheduled
loan repayments and working capital requirements of the business.
The Group manages liquidity risk by maintaining appropriate headroom on its committed revolving bank facilities and by spreading
debt maturity dates across a range of lenders. Cash \ufb02ows and projected loan balances are monitored regularly by the executive
management team as part of the Group\u2019s forecasting process, with forward-looking assessments covering a range of scenarios,
including downside cases.
The Group also supports liquidity stability by \ufb01xing interest rates (and therefore cash \ufb02ows) on a substantial portion of long-term
borrowings. At the balance sheet date, the Group\u2019s projections indicated that it held su\ufb03cient liquidity to meet its obligations under
all reasonably foreseeable scenarios.
Capital management
The Group\u2019s capital structure comprises equity and net debt. Consistent with the strategy applied in recent years, the principal
objectives of capital management are to ensure the Group remains \ufb01nancially robust and e\ufb03cient, while being able to continue as a
going concern.
Capital is monitored using key measures such as NAV gearing, loan-to-value ratio, interest cover and net debt/EBITDA, all of which are
de\ufb01ned within the list of de\ufb01nitions on pages 290 to 293 and are derived in note 39 to the \ufb01nancial statements.
The Group also maintains signi\ufb01cant uncharged property, re\ufb02ecting its predominantly unsecured \ufb01nancing structure. At 31 December
2025, there was \u00a34.8bn (2024: \u00a34.7bn) of uncharged property. This provides \ufb02exibility to raise some future secured \ufb01nance if required
and supports a diversi\ufb01ed approach to funding. Adjustments to the capital structure are considered in the context of market
conditions, \ufb01nancial covenants and the Group\u2019s future development and acquisition plans. Potential actions include varying dividend
levels (within REIT rules), returning capital to shareholders, issuing or redeeming debt or disposing of assets to reduce gearing. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00215": { "value": "24\u2002Net debt and derivative \ufb01nancial instruments \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Current liabilities
\u00a0 \u00a0
Other loans
\u2013
20.0
6.5% secured bonds
176.6
\u2013
2.68% unsecured private placement notes
55.0
\u2013
1.5% unsecured convertible bonds
\u2013
174.1
\u00a0
231.6
194.1
Non-current liabilities
\u00a0 \u00a0
6.5% secured bonds
\u2013
178.1
1.875% unsecured green bonds
347.6
347.2
5.25% unsecured bonds
247.5
\u2013
2.68% unsecured private placement notes
\u2013
54.9
3.46% unsecured private placement notes
29.9
29.9
4.41% unsecured private placement notes
24.9
24.9
2.87% unsecured private placement notes
92.8
92.8
2.97% unsecured private placement notes
49.9
49.9
3.57% unsecured private placement notes
74.8
74.8
3.09% unsecured private placement notes
51.8
51.8
4.68% unsecured private placement notes
74.6
74.6
Unsecured bank loans
261.2
290.5
\u00a0
1,255.0
1,269.4
Borrowings
1,486.6
1,463.5
Leasehold liabilities \u2013 current
0.5
0.4
Leasehold liabilities \u2013 non-current
40.5
34.2
Derivative \ufb01nancial instruments \u2013 current
\u2013
(0.6)
Gross debt
1,527.6
1,497.5
Reconciliation to net debt:
\u00a0 \u00a0
Gross debt
1,527.6
1,497.5
Derivative \ufb01nancial instruments
\u2013
0.6
Cash at bank excluding restricted cash (see note 32)
(77.2)
(15.4)
Net debt
1,450.4
1,482.7
\n
1.5% unsecured convertible bonds 2025
In June 2025, the Group\u2019s 1.5% unsecured convertible bonds matured and were repaid, without any conversion to equity.
6.5% secured bonds 2026
As a result of the acquisition of London Merchant Securities plc in 2007, the secured bonds 2026 were included at fair value less
unamortised issue costs. This di\ufb00erence between fair value at acquisition and principal value is being amortised through the income
statement. The fair value at 31 December 2025 was determined by the ask-price of \u00a3100.40 per \u00a3100 (2024: \u00a3100.99 per \u00a3100),
representing Level 1 fair value measurement. The carrying value at 31 December 2025 was \u00a3176.6m (2024: \u00a3178.1m).
1.875% unsecured green bonds 2031
In November 2021, the Group issued \u00a3350m of green bonds on a 10-year term maturing in 2031. The unsecured instrument pays a
coupon of 1.875% and the e\ufb00ective interest rate is 1.934%. This represents an issue discount of \u00a31.8m. The unsecured green bonds 2031
are accounted for at amortised cost. The fair value at 31 December 2025 was determined by the ask-price of \u00a385.23 per \u00a3100 (2024:
\u00a380.36 per \u00a3100), representing Level 1 fair value measurement. The carrying value at 31 December 2025 was \u00a3347.6m (2024: \u00a3347.2m).
The \u00a3350m green bonds are used to fund qualifying \u2018green\u2019 expenditure in accordance with the Group\u2019s Green Finance Framework.
\n
5.25% unsecured bonds 2032
\n
In June 2025, the Group issued \u00a3250m of unsecured bonds on a 7-year term maturing in 2032. The unsecured instrument pays a
\n
coupon of 5.25% and the e\ufb00ective interest rate is 5.338%. This represents an issue discount of \u00a31.3m. The unsecured bonds were
\n
initially recognised at fair value, net of the unamortised discount and issue costs of \u00a30.8m, and are subsequently measured at
\n
amortised cost. The fair value at 31 December 2025 was determined by the ask-price of \u00a3102.08 per \u00a3100, representing Level 1 fair value
\n
measurement. The carrying value at 31 December 2025 was \u00a3247.5m.
\n
2.68% unsecured private placement notes 2026, 2.87% unsecured private placement notes 2029, 2.97%
\n
unsecured private placement notes 2031 and 3.09% unsecured private placement notes 2034
\n
In October 2018, the Group arranged unsecured private placement notes, comprising \u00a355m for 7 years, \u00a393m for 10 years, \u00a350m for 12
\n
years and \u00a352m for 15 years. The funds were drawn on 31 January 2019. The fair values were determined by discounting the contractual
\n
cash \ufb02ows by the replacement rate. The replacement rate is the sum of the current underlying Gilt rate plus the market implied
\n
margin. These represent Level 2 fair value measurement. The carrying values at 31 December 2025 were \u00a355.0m (2024: \u00a354.9m),
\n
\u00a392.8m (2024: \u00a392.8m), \u00a349.9m (2024: \u00a349.9m) and \u00a351.8m (2024: \u00a351.8m), respectively.
\n
3.46% unsecured private placement notes 2028 and 3.57% unsecured private placement notes 2031
\n
In February 2016, the Group arranged unsecured private placement notes, comprising \u00a330m for 12 years and \u00a375m for 15 years. The
\n
funds were drawn on 4 May 2016. The fair values were determined by discounting the contractual cash \ufb02ows by the replacement rate.
\n
The replacement rate is the sum of the current underlying Gilt rate plus the market implied margin. These represent Level 2 fair value
\n
measurement. The carrying values at 31 December 2025 were \u00a329.9m (2024: \u00a329.9m) and \u00a374.8m (2024: \u00a374.8m), respectively.
\n
4.41% unsecured private placement notes 2029 and 4.68% unsecured private placement notes 2034
\n
In November 2013, the Group arranged unsecured private placement notes, comprising \u00a325m for 15 years and \u00a375m for 20 years. The
\n
funds were drawn on 8 January 2014. The fair values were determined by discounting the contractual cash \ufb02ows by the replacement
\n
rate. The replacement rate is the sum of the current underlying Gilt rate plus the market implied margin. These represent Level 2 fair
\n
value measurement. The carrying values at 31 December 2025 were \u00a324.9m (2024: \u00a324.9m) and \u00a374.6m (2024: \u00a374.6m), respectively.
\n
Unsecured bank loans
\n
In June 2024, the Group signed an agreement for an unsecured term loan facility of \u00a3100m. The loan is for a three-year term and has
\n
two one-year extension options. In June 2025, the Group exercised the \ufb01rst extension option.
\n
In December 2024, the Group signed an agreement for an unsecured facility of \u00a3115m, consisting of an \u00a382.5m term loan and \u00a332.5m
\n
revolving credit facility (RCF). The facility is for an initial two-year term and has two one-year extension options. In December 2025,
\n
the Group exercised the \ufb01rst extension option. The \u00a332.5m RCF was cancelled in July 2025.
\n
In February 2025, the Group signed an agreement for an unsecured facility of \u00a3115m, consisting of an \u00a382.5m term loan and \u00a332.5m
\n
revolving credit facility (RCF). The facility is for an initial two-year term and has a one-year extension option. The \u00a332.5m RCF was
\n
cancelled in July 2025.
\n
In July 2025, the Group amended and extended its principal \u00a3450m unsecured RCF, which was due to expire in October 2026. The
\n
facility, signed with the Group\u2019s core relationship banks, is structured as an initial four-year term with two one-year extension options.
\n
The facility is due to expire in July 2029.
\n
Unsecured bank borrowings are accounted for at amortised cost. At 31 December 2025, there was \u00a3nil (2024: \u00a3110.5m) drawn on the
\n
RCFs, \u00a3265.0m (2024: \u00a3182.5m) drawn on term loans and the combined unamortised arrangement fees were \u00a33.8m (2024: \u00a32.5m),
\n
resulting in the carrying value being \u00a3261.2m (2024: \u00a3290.5m).
\n
As all main corporate facilities were re\ufb01nanced or amended recently, the fair values of the Group\u2019s bank loans are deemed to be
\n
approximately the same as their carrying amount, after adjusting for the unamortised arrangement fees, and represent Level 2 fair
\n
value measurement.
\n\n
Undrawn committed bank facilities \u2013 maturity pro\ufb01le
\n\n \n
< 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
> 5 years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 31 December 2025
\u2013
100.0
\u2013
450.0
\u2013
\u2013
550.0
At 31 December 2024
\u2013
395.5
76.5
\u2013
\u2013
\u2013
472.0
\n
Other loans
\n
At 31 December 2024, other loans consisted of a \u00a320m interest-free loan from a third party providing development consultancy
\n
services on the residential element of the 25 Baker Street W1 development. This was fully repaid in 2025. The agreement provides for a
\n
pro\ufb01t share on completion of the sales which, under IFRS 9 Financial Instruments, has been deemed to have a carrying value of \u00a3nil at
\n
31 December 2025 (2024: \u00a3nil). The carrying value of the loan at 31 December 2025 was \u00a3nil (2024: \u00a320.0m).
\n
Derivative \ufb01nancial instruments
\n
At 31 December 2024, the derivative \ufb01nancial instruments consisted of interest rate swaps. The fair values of the Group\u2019s outstanding
\n
interest rate swaps were estimated using the mid-point of the yield curves prevailing on the reporting date and represented the net
\n
present value of the di\ufb00erences between the contracted rate and the valuation rate when applied to the projected balances for the
\n
period from the reporting date to the contracted expiry dates. These represented Level 2 fair value measurement. These were fully
\n
settled in the year.
\n
During 2025, the Group entered into derivative contracts to hedge against movements in UK government bond yields in relation to the
\n
issuance of the \u00a3250m unsecured bonds in June 2025. These were fully settled on pricing of the bond.
\n\n \n
Group
Weighted average
Principal
interest rate
Average life
\u00a3m
%
Years
At 31 December 2025
Interest rate swaps
\u2013
\u2013
\u2013
At 31 December 2024
Interest rate swaps
75.0
1.36
0.3
\n
Secured and unsecured debt
\n\n \n
2025
2024
\u00a3m
\u00a3m
Secured
6.5% secured bonds
176.6
178.1
176.6
178.1
Unsecured
5.25% unsecured bonds
247.5
\u2013
1.5% unsecured convertible bonds
\u2013
174.1
1.875% unsecured green bonds
347.6
347.2
Unsecured private placement notes
453.7
453.6
Unsecured bank loans
261.2
290.5
Other loans
\u2013
20.0
1,310.0
1,285.4
Borrowings
1,486.6
1,463.5
\n
As at 31 December 2025, the Group\u2019s secured bonds 2026 were secured by a \ufb02oating charge over a number of the Group\u2019s subsidiary
\n
companies which contained \u00a3339.9m (2024: \u00a3376.3m) of the Group\u2019s properties.
\n
Fixed interest rate and hedged debt
\n
At 31 December 2025, the Group\u2019s \ufb01xed rate debt included the unsecured bonds, the unsecured green bonds, the secured bonds and
\n
the unsecured private placement notes. At 31 December 2024, the Group\u2019s \ufb01xed rate and hedged debt included the unsecured
\n
convertible bonds, the unsecured green bonds, the secured bonds, the unsecured private placement notes and other loans.
\n
Interest rate exposure
\n
After taking into account the various interest rate hedging instruments entered into by the Group, the interest rate exposure of the
\n
Group\u2019s borrowings were:
\n\n \n
Weighted
Weighted
average
average
Floating rate
Hedged
Fixed rate
Borrowings
interest rate
1
life
\u00a3m
\u00a3m
\u00a3m
\u00a3m
%
Years
At 31 December 2025
5.25% unsecured bonds
\u2013
\u2013
247.5
247.5
5.25
6.4
6.5% secured bonds
\u2013
\u2013
176.6
176.6
6.50
0.2
1.875% unsecured green bonds
\u2013
\u2013
347.6
347.6
1.88
5.9
Unsecured private placement notes
\u2013
\u2013
453.7
453.7
3.42
4.6
Unsecured bank loans
261.2
\u2013
\u2013
261.2
5.17
1.9
261.2
\u2013
1,225.4
1,486.6
4.06
4.2
At 31 December 2024
1.5% unsecured convertible bonds
\u2013
\u2013
174.1
174.1
2.30
0.4
6.5% secured bonds
\u2013
\u2013
178.1
178.1
6.50
1.2
1.875% unsecured green bonds
\u2013
\u2013
347.2
347.2
1.88
6.9
Unsecured private placement notes
\u2013
\u2013
453.6
453.6
3.42
5.6
Unsecured bank loans
216.1
74.4
\u2013
290.5
4.81
2.2
Other loans
2
\u2013
\u2013
20.0
20.0
\u2013
\u2013
216.1
74.4
1,173.0
1,463.5
3.53
4.0
\n
1
The weighted average interest rates are based on the nominal amounts of the debt facilities.
\n
2
Other loans shown above are interest free and have no \ufb01xed repayment date. For further detail, see Other loans section above.
\n
Contractual undiscounted cash out\ufb02ows
\n
IFRS 7 Financial Instruments: Disclosure, requires disclosure of the maturity of the Group\u2019s remaining contractual \ufb01nancial liabilities.
\n
The tables below show the contractual undiscounted cash out\ufb02ows arising from the Group\u2019s gross debt.
\n\n \n
< 1 year
1 to 2 years
2 to 3 years
3 to 4 years
4 to 5 years
> 5 years
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 31 December 2025
5.25% unsecured bonds
\u2013
\u2013
\u2013
\u2013
\u2013
250.0
250.0
6.5% secured bonds
175.0
\u2013
\u2013
\u2013
\u2013
\u2013
175.0
1.875% unsecured green bonds
\u2013
\u2013
\u2013
\u2013
\u2013
350.0
350.0
Unsecured private placement notes
55.0
\u2013
30.0
118.0
\u2013
252.0
455.0
Unsecured bank loans
\u2013
165.0
100.0
\u2013
\u2013
\u2013
265.0
Total on maturity
230.0
165.0
130.0
118.0
\u2013
852.0
1,495.0
Leasehold liabilities
2.0
2.0
2.0
2.0
2.0
254.0
264.0
Interest on borrowings
48.6
42.7
35.5
29.2
29.0
40.9
225.9
Gross loan commitments
280.6
209.7
167.5
149.2
31.0
1,146.9
1,984.9
At 31 December 2024
1.5% unsecured convertible bonds
175.0
\u2013
\u2013
\u2013
\u2013
\u2013
175.0
6.5% secured bonds
\u2013
175.0
\u2013
\u2013
\u2013
\u2013
175.0
1.875% unsecured green bonds
\u2013
\u2013
\u2013
\u2013
\u2013
350.0
350.0
Unsecured private placement notes
\u2013
55.0
\u2013
30.0
118.0
252.0
455.0
Unsecured bank loans
\u2013
169.5
123.5
\u2013
\u2013
\u2013
293.0
Other loans
20.0
\u2013
\u2013
\u2013
\u2013
\u2013
20.0
Total on maturity
195.0
399.5
123.5
30.0
118.0
602.0
1,468.0
Leasehold liabilities
1.7
1.8
1.8
1.8
1.6
208.6
217.3
Interest on borrowings
50.7
37.4
24.1
20.0
16.1
15.8
164.1
E\ufb00ect of interest rate swaps
(0.8)
\u2013
\u2013
\u2013
\u2013
\u2013
(0.8)
Gross loan commitments
246.6
438.7
149.4
51.8
135.7
826.4
1,848.6
Reconciliation to borrowings:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Adjustments
\u00a0
\u00a0 \u00a0 \u00a0
E\ufb00ect of
\u00a0 \u00a0 \u00a0
\u00a0
Gross loan
Interest on
interest
Leasehold
Non-cash
\u00a0
\u00a0
commitments
gross debt
rate swaps
liabilities
amortisation
Borrowings
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Maturing in:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
< 1 year
280.6
(48.6)
\u2013
(2.0)
1.6
231.6
1 to 2 years
209.7
(42.7)
\u2013
(2.0)
(0.8)
164.2
2 to 3 years
167.5
(35.5)
\u2013
(2.0)
(0.5)
129.5
3 to 4 years
149.2
(29.2)
\u2013
(2.0)
(3.0)
115.0
4 to 5 years
31.0
(29.0)
\u2013
(2.0)
\u2013
\u2013
> 5 years
1,146.9
(40.9)
\u2013
(254.0)
(5.7)
846.3
\u00a0
1,984.9
(225.9)
\u2013
(264.0)
(8.4)
1,486.6
At 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Maturing in:
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
< 1 year
246.6
(50.7)
0.8
(1.7)
\u2013
195.0
1 to 2 years
438.7
(37.4)
\u2013
(1.8)
(1.8)
397.7
2 to 3 years
149.4
(24.1)
\u2013
(1.8)
(1.9)
121.6
3 to 4 years
51.8
(20.0)
\u2013
(1.8)
3.0
33.0
4 to 5 years
135.7
(16.1)
\u2013
(1.6)
(0.3)
117.7
> 5 years
826.4
(15.8)
\u2013
(208.6)
(3.5)
598.5
\u00a0
1,848.6
(164.1)
0.8
(217.3)
(4.5)
1,463.5
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00216": { "value": "Financial instruments \u2013 risk management
The Group is exposed to a range of \ufb01nancial risks through its activities, in particular credit risk, market risk and liquidity risk. These
risks arise naturally from the Group\u2019s use of \ufb01nancial instruments in managing a large, London-focused property portfolio, and the
Group\u2019s framework for identifying, assessing and managing such risks remains well established. Further quantitative information in
respect of these risks is presented throughout these \ufb01nancial statements, with additional disclosures required under IFRS 7 provided on
pages 100 to 111.
While the overall risk pro\ufb01le has not changed materially from the prior year, the environment in which the Group operates continues to
evolve. The Group\u2019s approach therefore re\ufb02ects both prevailing market conditions and its long-term strategic priorities.
Financial instrument risk arises mainly from the Group\u2019s use of trade receivables, accrued income relating to lease incentives, cash
deposits, trade and other payables, \ufb02oating rate bank facilities, private placement notes, secured and unsecured bonds and interest
rate derivatives. The Board is responsible for setting the overarching risk management objectives, with day-to-day monitoring and
implementation delegated to the executive management team. The objective continues to be the conservative management of risk
while maintaining the \ufb02exibility required to pursue value-accretive development and investment opportunities.
Credit risk
Credit risk principally arises from amounts owed by tenants, re\ufb02ecting the Group\u2019s position as a major central London landlord. It is
the Group\u2019s policy to assess the creditworthiness of prospective tenants before entering into lease contracts. The Board\u2019s Credit
Committee assesses each new tenant, drawing on \ufb01nancial statements, external ratings where available and, in some cases, forecast
information and bank or trade references. Where appropriate, the Group may seek a rent deposit or guarantee. Existing tenant
exposure is reviewed periodically, with additional focus on sectors experiencing structural pressures or where creditworthiness may be
more variable. The Group has historically experienced low levels of tenant default, re\ufb02ecting the strength of its tenant base and the
e\ufb00ectiveness of its credit assessment and monitoring processes.
While the Group operates predominantly in central London and is therefore exposed to some geographical concentration risk, this is
mitigated by the broad range of tenants across multiple industry sectors. In accordance with IFRS 9, trade receivables are assessed
using an expected credit loss model, while lease incentive receivables are reviewed under IAS 36.
Credit risk arising from cash balances is controlled by depositing funds only with institutions that meet minimum investment-grade
criteria and by keeping maturities short. Across all \ufb01nancial assets, the carrying amounts recognised in the balance sheet represent
the maximum exposure to credit risk.
Market risk
Market risk principally re\ufb02ects the Group\u2019s exposure to movements in interest rates, given its mix of \ufb01xed and \ufb02oating-rate funding.
The Group regularly monitors its interest rate exposure and performs sensitivity analysis to assess the potential e\ufb00ect of reasonably
possible shifts in interest rates on pro\ufb01t and net assets. A 50-basis point shift in interest rates would result in an increase or decrease
in pro\ufb01t or loss and net assets of \u00a31.3m (2024: \u00a31.1m).
It is the Group\u2019s policy to maintain a signi\ufb01cant proportion of expected borrowings at \ufb01xed rates, typically in the range of 60% to 85%,
achieved through a combination of \ufb01xed-rate debt and \ufb02oating-to-\ufb01xed interest rate swaps. At 31 December 2025, 82% of the Group\u2019s
debt was \ufb01xed (2024: 85%), in line with policy.
From time to time, when preparing for a public bond issuance, the Group may also make use of gilt locks to e\ufb00ectively hedge
movements in the underlying gilt yield between launch and pricing, thereby providing certainty over the coupon payable on the
forthcoming issuance. This forms part of the Group\u2019s broader interest rate risk management strategy and complements the use of
interest rate swaps and \ufb01xed-rate funding.
All variable-rate borrowings continued to be denominated in Sterling. When raising new long-term funding, the Group generally
prefers \ufb01xed-rate structures to support cash\ufb02ow predictability and capital planning.
Liquidity risk
Liquidity risk arises from the need to meet the Group\u2019s \ufb01nancial obligations as they fall due, including interest payments, scheduled
loan repayments and working capital requirements of the business.
The Group manages liquidity risk by maintaining appropriate headroom on its committed revolving bank facilities and by spreading
debt maturity dates across a range of lenders. Cash \ufb02ows and projected loan balances are monitored regularly by the executive
management team as part of the Group\u2019s forecasting process, with forward-looking assessments covering a range of scenarios,
including downside cases.
The Group also supports liquidity stability by \ufb01xing interest rates (and therefore cash \ufb02ows) on a substantial portion of long-term
borrowings. At the balance sheet date, the Group\u2019s projections indicated that it held su\ufb03cient liquidity to meet its obligations under
all reasonably foreseeable scenarios.
Capital management
The Group\u2019s capital structure comprises equity and net debt. Consistent with the strategy applied in recent years, the principal
objectives of capital management are to ensure the Group remains \ufb01nancially robust and e\ufb03cient, while being able to continue as a
going concern.
Capital is monitored using key measures such as NAV gearing, loan-to-value ratio, interest cover and net debt/EBITDA, all of which are
de\ufb01ned within the list of de\ufb01nitions on pages 290 to 293 and are derived in note 39 to the \ufb01nancial statements.
The Group also maintains signi\ufb01cant uncharged property, re\ufb02ecting its predominantly unsecured \ufb01nancing structure. At 31 December
2025, there was \u00a34.8bn (2024: \u00a34.7bn) of uncharged property. This provides \ufb02exibility to raise some future secured \ufb01nance if required
and supports a diversi\ufb01ed approach to funding. Adjustments to the capital structure are considered in the context of market
conditions, \ufb01nancial covenants and the Group\u2019s future development and acquisition plans. Potential actions include varying dividend
levels (within REIT rules), returning capital to shareholders, issuing or redeeming debt or disposing of assets to reduce gearing. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00218": { "value": "Credit risk
Credit risk principally arises from amounts owed by tenants, re\ufb02ecting the Group\u2019s position as a major central London landlord. It is
the Group\u2019s policy to assess the creditworthiness of prospective tenants before entering into lease contracts. The Board\u2019s Credit
Committee assesses each new tenant, drawing on \ufb01nancial statements, external ratings where available and, in some cases, forecast
information and bank or trade references. Where appropriate, the Group may seek a rent deposit or guarantee. Existing tenant
exposure is reviewed periodically, with additional focus on sectors experiencing structural pressures or where creditworthiness may be
more variable. The Group has historically experienced low levels of tenant default, re\ufb02ecting the strength of its tenant base and the
e\ufb00ectiveness of its credit assessment and monitoring processes.
While the Group operates predominantly in central London and is therefore exposed to some geographical concentration risk, this is
mitigated by the broad range of tenants across multiple industry sectors. In accordance with IFRS 9, trade receivables are assessed
using an expected credit loss model, while lease incentive receivables are reviewed under IAS 36.
Credit risk arising from cash balances is controlled by depositing funds only with institutions that meet minimum investment-grade
criteria and by keeping maturities short. Across all \ufb01nancial assets, the carrying amounts recognised in the balance sheet represent
the maximum exposure to credit risk.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00219": { "value": "Market risk
Market risk principally re\ufb02ects the Group\u2019s exposure to movements in interest rates, given its mix of \ufb01xed and \ufb02oating-rate funding.
The Group regularly monitors its interest rate exposure and performs sensitivity analysis to assess the potential e\ufb00ect of reasonably
possible shifts in interest rates on pro\ufb01t and net assets. A 50-basis point shift in interest rates would result in an increase or decrease
in pro\ufb01t or loss and net assets of \u00a31.3m (2024: \u00a31.1m).
It is the Group\u2019s policy to maintain a signi\ufb01cant proportion of expected borrowings at \ufb01xed rates, typically in the range of 60% to 85%,
achieved through a combination of \ufb01xed-rate debt and \ufb02oating-to-\ufb01xed interest rate swaps. At 31 December 2025, 82% of the Group\u2019s
debt was \ufb01xed (2024: 85%), in line with policy.
From time to time, when preparing for a public bond issuance, the Group may also make use of gilt locks to e\ufb00ectively hedge
movements in the underlying gilt yield between launch and pricing, thereby providing certainty over the coupon payable on the
forthcoming issuance. This forms part of the Group\u2019s broader interest rate risk management strategy and complements the use of
interest rate swaps and \ufb01xed-rate funding.
All variable-rate borrowings continued to be denominated in Sterling. When raising new long-term funding, the Group generally
prefers \ufb01xed-rate structures to support cash\ufb02ow predictability and capital planning.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00220": { "value": "Liquidity risk
Liquidity risk arises from the need to meet the Group\u2019s \ufb01nancial obligations as they fall due, including interest payments, scheduled
loan repayments and working capital requirements of the business.
The Group manages liquidity risk by maintaining appropriate headroom on its committed revolving bank facilities and by spreading
debt maturity dates across a range of lenders. Cash \ufb02ows and projected loan balances are monitored regularly by the executive
management team as part of the Group\u2019s forecasting process, with forward-looking assessments covering a range of scenarios,
including downside cases.
The Group also supports liquidity stability by \ufb01xing interest rates (and therefore cash \ufb02ows) on a substantial portion of long-term
borrowings. At the balance sheet date, the Group\u2019s projections indicated that it held su\ufb03cient liquidity to meet its obligations under
all reasonably foreseeable scenarios.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00217": { "value": "Capital management
The Group\u2019s capital structure comprises equity and net debt. Consistent with the strategy applied in recent years, the principal
objectives of capital management are to ensure the Group remains \ufb01nancially robust and e\ufb03cient, while being able to continue as a
going concern.
Capital is monitored using key measures such as NAV gearing, loan-to-value ratio, interest cover and net debt/EBITDA, all of which are
de\ufb01ned within the list of de\ufb01nitions on pages 290 to 293 and are derived in note 39 to the \ufb01nancial statements.
The Group also maintains signi\ufb01cant uncharged property, re\ufb02ecting its predominantly unsecured \ufb01nancing structure. At 31 December
2025, there was \u00a34.8bn (2024: \u00a34.7bn) of uncharged property. This provides \ufb02exibility to raise some future secured \ufb01nance if required
and supports a diversi\ufb01ed approach to funding. Adjustments to the capital structure are considered in the context of market
conditions, \ufb01nancial covenants and the Group\u2019s future development and acquisition plans. Potential actions include varying dividend
levels (within REIT rules), returning capital to shareholders, issuing or redeeming debt or disposing of assets to reduce gearing. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00221": { "value": "25\u2002Financial assets and liabilities and fair values
Categories of \ufb01nancial assets and liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Fair value
Financial
Financial
Total
\u00a0
through pro\ufb01t
assets held at
liabilities held at
carrying
\u00a0
and loss
amortised cost
amortised cost
value
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Cash and cash equivalents
\u2013
131.7
\u2013
131.7
Other assets \u2013 current
\u2013
6.6
\u2013
6.6
\u00a0
\u2013
138.3
\u2013
138.3
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
5.25% unsecured bonds
\u2013
\u2013
(247.5)
(247.5)
6.5% secured bonds
\u2013
\u2013
(176.6)
(176.6)
1.875% unsecured green bonds
\u2013
\u2013
(347.6)
(347.6)
Unsecured private placement notes
\u2013
\u2013
(453.7)
(453.7)
Bank borrowings due after one year
\u2013
\u2013
(261.2)
(261.2)
Leasehold liabilities
\u2013
\u2013
(41.0)
(41.0)
Other liabilities \u2013 current
\u2013
\u2013
(119.8)
(119.8)
\u00a0
\u2013
\u2013
(1,647.4)
(1,647.4)
At 31 December 2025
\u2013
138.3
(1,647.4)
(1,509.1)
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Cash and cash equivalents
\u2013
71.4
\u2013
71.4
Other assets \u2013 current
\u2013
17.6
\u2013
17.6
\u00a0
\u2013
89.0
\u2013
89.0
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
1.5% unsecured convertible bonds
\u2013
\u2013
(174.1)
(174.1)
6.5% secured bonds
\u2013
\u2013
(178.1)
(178.1)
1.875% unsecured green bonds
\u2013
\u2013
(347.2)
(347.2)
Unsecured private placement notes
\u2013
\u2013
(453.6)
(453.6)
Bank borrowings due after one year
\u2013
\u2013
(290.5)
(290.5)
Other loans
\u2013
\u2013
(20.0)
(20.0)
Leasehold liabilities
\u2013
\u2013
(34.6)
(34.6)
Derivative \ufb01nancial instruments
0.6
\u2013
\u2013
0.6
Other liabilities \u2013 current
\u2013
\u2013
(117.4)
(117.4)
\u00a0
0.6
\u2013
(1,615.5)
(1,614.9)
At 31 December 2024
0.6
89.0
(1,615.5)
(1,525.9)
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00222": { "value": "25\u2002Financial assets and liabilities and fair values
Categories of \ufb01nancial assets and liabilities
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Fair value
Financial
Financial
Total
\u00a0
through pro\ufb01t
assets held at
liabilities held at
carrying
\u00a0
and loss
amortised cost
amortised cost
value
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Cash and cash equivalents
\u2013
131.7
\u2013
131.7
Other assets \u2013 current
\u2013
6.6
\u2013
6.6
\u00a0
\u2013
138.3
\u2013
138.3
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
5.25% unsecured bonds
\u2013
\u2013
(247.5)
(247.5)
6.5% secured bonds
\u2013
\u2013
(176.6)
(176.6)
1.875% unsecured green bonds
\u2013
\u2013
(347.6)
(347.6)
Unsecured private placement notes
\u2013
\u2013
(453.7)
(453.7)
Bank borrowings due after one year
\u2013
\u2013
(261.2)
(261.2)
Leasehold liabilities
\u2013
\u2013
(41.0)
(41.0)
Other liabilities \u2013 current
\u2013
\u2013
(119.8)
(119.8)
\u00a0
\u2013
\u2013
(1,647.4)
(1,647.4)
At 31 December 2025
\u2013
138.3
(1,647.4)
(1,509.1)
Financial assets
\u00a0 \u00a0 \u00a0 \u00a0
Cash and cash equivalents
\u2013
71.4
\u2013
71.4
Other assets \u2013 current
\u2013
17.6
\u2013
17.6
\u00a0
\u2013
89.0
\u2013
89.0
Financial liabilities
\u00a0 \u00a0 \u00a0 \u00a0
1.5% unsecured convertible bonds
\u2013
\u2013
(174.1)
(174.1)
6.5% secured bonds
\u2013
\u2013
(178.1)
(178.1)
1.875% unsecured green bonds
\u2013
\u2013
(347.2)
(347.2)
Unsecured private placement notes
\u2013
\u2013
(453.6)
(453.6)
Bank borrowings due after one year
\u2013
\u2013
(290.5)
(290.5)
Other loans
\u2013
\u2013
(20.0)
(20.0)
Leasehold liabilities
\u2013
\u2013
(34.6)
(34.6)
Derivative \ufb01nancial instruments
0.6
\u2013
\u2013
0.6
Other liabilities \u2013 current
\u2013
\u2013
(117.4)
(117.4)
\u00a0
0.6
\u2013
(1,615.5)
(1,614.9)
At 31 December 2024
0.6
89.0
(1,615.5)
(1,525.9)
\n
Reconciliation of net \ufb01nancial assets and liabilities to gross debt:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Net \ufb01nancial assets and liabilities
(1,509.1)
(1,525.9)
Other assets \u2013 current
(6.6)
(17.6)
Other liabilities \u2013 current
119.8
117.4
Cash and cash equivalents
(131.7)
(71.4)
Gross debt
(1,527.6)
(1,497.5)
Fair value measurement
The table below shows the fair values, where applicable, of borrowings and derivative \ufb01nancial instruments held by the Group,
together with a reconciliation to net \ufb01nancial assets and liabilities. Details of inputs and valuation methods used to derive the fair
values are shown in note 24.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Group
\u00a0
\u00a0
Carrying value
Fair value
Fair value
\u00a0
\u00a3m
\u00a3m
hierarchy
At 31 December 2025
\u00a0 \u00a0 \u00a0
5.25% unsecured bonds
(247.5)
(255.2)
Level 1
6.5% secured bonds
(176.6)
(175.7)
Level 1
1.875% unsecured green bonds
(347.6)
(298.3)
Level 1
Unsecured private placement notes
(453.7)
(404.2)
Level 2
Bank borrowings due after one year
(261.2)
(265.0)
Level 2
\u00a0
(1,486.6)
(1,398.4)
\u00a0
Amounts not fair valued:
\u00a0 \u00a0 \u00a0
Cash and cash equivalents
131.7
\u00a0 \u00a0
Other assets \u2013 current
6.6
\u00a0 \u00a0
Leasehold liabilities
(41.0)
\u00a0 \u00a0
Other liabilities \u2013 current
(119.8)
\u00a0 \u00a0
Net \ufb01nancial assets and liabilities
(1,509.1)
\u00a0 \u00a0
At 31 December 2024
\u00a0 \u00a0 \u00a0
1.5% unsecured convertible bonds
(174.1)
(171.6)
Level 1
6.5% secured bonds
(178.1)
(176.7)
Level 1
1.875% unsecured green bonds
(347.2)
(281.2)
Level 1
Unsecured private placement notes
(453.6)
(391.3)
Level 2
Bank borrowings due after one year
(290.5)
(293.0)
Level 2
Other loans
(20.0)
(20.0)
Level 2
Derivative \ufb01nancial instruments
0.6
0.6
Level 2
\u00a0
(1,462.9)
(1,333.2)
\u00a0
Amounts not fair valued:
\u00a0 \u00a0 \u00a0
Cash and cash equivalents
71.4
\u00a0 \u00a0
Other assets \u2013 current
17.6
\u00a0 \u00a0
Leasehold liabilities
(34.6)
\u00a0 \u00a0
Other liabilities \u2013 current
(117.4)
\u00a0 \u00a0
Net \ufb01nancial assets and liabilities
(1,525.9)
\u00a0 \u00a0
\n
The fair values of the following \ufb01nancial assets and liabilities are the same as their carrying values:
\ue001
Cash and cash equivalents.
\ue001
Trade receivables, other receivables and accrued income included within trade and other receivables.
\ue001
Trade payables, other payables and accruals included within trade and other payables.
\ue001
Leasehold liabilities.
There have been no transfers between levels in either 2025 or 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00223": { "value": "26\u2002Net debt to cash \ufb02ow reconciliation
Net debt reconciliation
The table below shows net debt movement during the year as a result of cash \ufb02ows and other non-cash movements.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0
Non-cash changes
\u00a0
\u00a0 \u00a0 \u00a0
Impact of
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u00a0 \u00a0 \u00a0
issue and
\u00a0 \u00a0 \u00a0 \u00a0
Transfer from
\u00a0
\u00a0 \u00a0
Cash
arrangement
\u00a0
Fair value
\u00a0
Unwind of
non-current to
\u00a0
\u00a0
2024
\ufb02ows
costs
Other
adjustments
Additions
discount
current
2025
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Current liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
194.1
(195.0)
0.1
(0.1)
\u2013
\u2013
0.9
231.6
231.6
Leasehold liabilities
0.4
\u2013
\u2013
\u2013
\u2013
0.1
\u2013
\u2013
0.5
Non-current liabilities
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Borrowings
1,269.4
214.8
2.7
0.3
(0.6)
\u2013
\u2013
(231.6)
1,255.0
Leasehold liabilities
34.2
\u2013
\u2013
\u2013
-
6.6
(0.3)
\u2013
40.5
Total liabilities from
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\ufb01nancing activities
1,498.1
19.8
2.8
0.2
(0.6)
6.7
0.6
\u2013
1,527.6
Cash at bank
1
(15.4)
(61.8)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(77.2)
Net debt
1,482.7
(42.0)
2.8
0.2
(0.6)
6.7
0.6
\u2013
1,450.4
\n
1
Cash at bank excluding restricted cash (see note 32).
27\u2002Cash generated from operations
The table below shows the reconciliation of cash generated from operations.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Pro\ufb01t from operations
210.5
156.4
Adjustment for non-cash items:
\u00a0 \u00a0
Revaluation (surplus)/de\ufb01cit
(52.2)
2.7
Depreciation
0.8
1.0
Lease incentive/cost spreading
(4.3)
(6.8)
Share-based payments
2.0
3.1
Ground rent adjustment
0.5
0.7
Adjustment for other items:
\u00a0 \u00a0
Loss/(pro\ufb01t) on disposal
2.2
(1.9)
Pro\ufb01t on disposal of trading property and trading stock
(4.2)
\u2013
Changes in working capital:
\u00a0 \u00a0
Decrease/(increase) in receivables balance
7.3
(8.8)
Increase in payables balance
5.4
9.5
Decrease/(increase) in trading property and trading stock
104.5
(53.3)
Cash generated from operations
272.5
102.6
\n
Cash generated from operations included \u00a3115.8m (2024: \u00a33.6m) cash in\ufb02ows from disposal of trading properties and \u00a317.8m cash
in\ufb02ows (2024: \u00a3nil) in relation to disposals of trading stock. It also included \u00a312.1m (2024: \u00a343.0m) cash out\ufb02ows in relation to
expenditure on trading properties and \u00a30.6m (2024: \u00a39.8m) cash out\ufb02ows in relation to expenditure on trading stock.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00224": { "value": "28\u2002Deferred tax \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Revaluation
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
At 1 January 2025
3.5
(2.7)
0.8
Charged to the income statement
(0.1)
0.5
0.4
Charged to other comprehensive income
1.1
\u2013
1.1
At 31 December 2025
4.5
(2.2)
2.3
At 1 January 2024
2.8
(2.7)
0.1
Charged to the income statement
0.1
\u2013
0.1
Charged to other comprehensive income
0.6
\u2013
0.6
At 31 December 2024
3.5
(2.7)
0.8
\n
Deferred tax on the balance sheet revaluation is calculated on the basis of the chargeable gains that would crystallise on the sale of
the property portfolio at each balance sheet date. The calculation takes account of any available indexation on the historical cost of
the properties. Due to the Group\u2019s REIT status, deferred tax is only provided at each balance sheet date on properties outside the REIT
regime.
Deferred tax assets have been recognised in respect of all tax losses and other temporary di\ufb00erences where the Directors believe it is
probable that these assets will be recovered.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00226": { "value": "29\u2002Share capital
The movement in the number of 5p ordinary shares in issue is shown in the table below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Number of shares in issue fully paid
2025
2024
At 1 January and 31 December
112,290,929
112,290,929
\n
The number of outstanding share options and other share awards granted are disclosed in the report of the Remuneration Committee
and note 12.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00225": { "value": "29\u2002Share capital
The movement in the number of 5p ordinary shares in issue is shown in the table below:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Number of shares in issue fully paid
2025
2024
At 1 January and 31 December
112,290,929
112,290,929
\n
The number of outstanding share options and other share awards granted are disclosed in the report of the Remuneration Committee
and note 12.
30\u2002Reserves
The following describes the nature and purpose of each reserve within shareholders\u2019 equity:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Reserve
\u00a0
Description and purpose
Share premium
\u00a0
Amount subscribed for share capital in excess of nominal value less directly attributable issue costs.
Other
Merger
Premium on the issue of shares as equity consideration for the acquisition of London Merchant
reserves:
\u00a0
Securities plc (LMS).
\u00a0
Revaluation
Revaluation of the owner-occupied property and the associated deferred tax.
\u00a0
Other
Equity portion of the convertible bonds for the Group and intercompany loans for the Company.
\u00a0 \u00a0
Fair value of equity instruments granted but not yet exercised under share-based payments.
Retained earnings
\u00a0
Cumulative net gains and losses recognised in the Group income statement together with other
\u00a0 \u00a0
items such as dividends.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Other reserves
\u00a3m
\u00a3m
Merger reserve
910.5
910.5
Revaluation reserve
18.8
15.4
Equity portion of the convertible bonds
7.5
7.5
Fair value of equity instruments under share-based payments
10.5
9.8
\u00a0
947.3
943.2
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00227": { "value": "30\u2002Reserves
The following describes the nature and purpose of each reserve within shareholders\u2019 equity:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Reserve
\u00a0
Description and purpose
Share premium
\u00a0
Amount subscribed for share capital in excess of nominal value less directly attributable issue costs.
Other
Merger
Premium on the issue of shares as equity consideration for the acquisition of London Merchant
reserves:
\u00a0
Securities plc (LMS).
\u00a0
Revaluation
Revaluation of the owner-occupied property and the associated deferred tax.
\u00a0
Other
Equity portion of the convertible bonds for the Group and intercompany loans for the Company.
\u00a0 \u00a0
Fair value of equity instruments granted but not yet exercised under share-based payments.
Retained earnings
\u00a0
Cumulative net gains and losses recognised in the Group income statement together with other
\u00a0 \u00a0
items such as dividends.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
Other reserves
\u00a3m
\u00a3m
Merger reserve
910.5
910.5
Revaluation reserve
18.8
15.4
Equity portion of the convertible bonds
7.5
7.5
Fair value of equity instruments under share-based payments
10.5
9.8
\u00a0
947.3
943.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00228": { "value": "31\u2002Dividend \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Dividend per share
\u00a0 \u00a0
\u00a0 \u00a0
PID
Non-PID
Total
2025
2024
\u00a0
Payment date
p
p
p
\u00a3m
\u00a3m
Current year
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2025 \ufb01nal dividend
1
29 May 2026
40.00
16.00
56.00
\u2013
\u2013
2025 interim dividend
10 October 2025
25.50
\u2013
25.50
28.6
\u2013
\u00a0 \u00a0
65.50
16.00
81.50
28.6
\u2013
Prior year
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2024 \ufb01nal dividend
30 May 2025
45.50
10.00
55.50
62.3
\u2013
2024 interim dividend
11 October 2024
25.00
\u2013
25.00
\u2013
28.1
\u00a0 \u00a0
70.50
10.00
80.50
62.3
28.1
2023 \ufb01nal dividend
31 May 2024
39.00
16.00
55.00
\u2013
61.7
Dividends as reported in the Group
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
statement of changes in equity
\u00a0 \u00a0 \u00a0 \u00a0
90.9
89.8
2025 interim dividend withholding tax
14 January 2026
\u00a0 \u00a0 \u00a0
(4.0)
\u2013
2024 interim dividend withholding tax
14 January 2025
\u00a0 \u00a0 \u00a0
3.9
(3.9)
2023 interim dividend withholding tax
12 January 2024
\u00a0 \u00a0 \u00a0
\u2013
3.7
Dividends paid as reported in the
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Consolidated cash \ufb02ow statement
\u00a0 \u00a0 \u00a0 \u00a0
90.8
89.6
\n
1
Subject to shareholder approval at the AGM on 15 May 2026. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00231": { "value": "0.56", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00229": { "value": "0.555", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00230": { "value": "0.55", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00232": { "value": "32\u2002Cash and cash equivalents \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Cash at bank
77.2
15.4
Cash held in restricted accounts
\u00a0 \u00a0
Tenant rent deposits
29.3
27.9
Service charge balances
25.2
28.1
\u00a0
131.7
71.4
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00233": { "value": "32\u2002Cash and cash equivalents \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Cash at bank
77.2
15.4
Cash held in restricted accounts
\u00a0 \u00a0
Tenant rent deposits
29.3
27.9
Service charge balances
25.2
28.1
\u00a0
131.7
71.4
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00235": { "value": "33\u2002Capital commitments and contingent liabilities
Contracts for capital expenditure entered into by the Group at 31 December 2025 and not provided for in the accounts relating to the
construction, development or enhancement of the Group\u2019s investment properties amounted to \u00a385.5m (2024: \u00a3101.0m), whilst that
relating to the Group\u2019s trading properties amounted to \u00a37.6m (2024: \u00a329.3m). At 31 December 2025 and 31 December 2024, there were
no material contractual obligations for the purchase, repair or maintenance of investment or trading properties.
In May 2022, the Group entered into a conditional contract to acquire the freehold of Old Street Quarter island site. The site is being
sold by Moor\ufb01elds Eye Hospital NHS Foundation Trust and UCL, together the Oriel joint initiative (\u201cOriel\u201d). Consideration for the site
has been agreed as \u00a3239m before costs. Completion is subject to delivery by Oriel of a new hospital and subsequent vacant possession
of the site, which is anticipated no earlier than late 2027. In addition to the note 19 disclosure of the impairment assessment under IAS
36 Impairment of Assets for costs incurred to date, the conditional contract has also been assessed under IAS 37 Provisions,
Contingent Liabilities and Contingent Assets, and it has been determined that no adjustments are required to the year end \ufb01nancial
statements. This will continue to be monitored through to completion of the acquisition of the site. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00234": { "value": "33\u2002Capital commitments and contingent liabilities
Contracts for capital expenditure entered into by the Group at 31 December 2025 and not provided for in the accounts relating to the
construction, development or enhancement of the Group\u2019s investment properties amounted to \u00a385.5m (2024: \u00a3101.0m), whilst that
relating to the Group\u2019s trading properties amounted to \u00a37.6m (2024: \u00a329.3m). At 31 December 2025 and 31 December 2024, there were
no material contractual obligations for the purchase, repair or maintenance of investment or trading properties.
In May 2022, the Group entered into a conditional contract to acquire the freehold of Old Street Quarter island site. The site is being
sold by Moor\ufb01elds Eye Hospital NHS Foundation Trust and UCL, together the Oriel joint initiative (\u201cOriel\u201d). Consideration for the site
has been agreed as \u00a3239m before costs. Completion is subject to delivery by Oriel of a new hospital and subsequent vacant possession
of the site, which is anticipated no earlier than late 2027. In addition to the note 19 disclosure of the impairment assessment under IAS
36 Impairment of Assets for costs incurred to date, the conditional contract has also been assessed under IAS 37 Provisions,
Contingent Liabilities and Contingent Assets, and it has been determined that no adjustments are required to the year end \ufb01nancial
statements. This will continue to be monitored through to completion of the acquisition of the site. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00236": { "value": "33\u2002Capital commitments and contingent liabilities
Contracts for capital expenditure entered into by the Group at 31 December 2025 and not provided for in the accounts relating to the
construction, development or enhancement of the Group\u2019s investment properties amounted to \u00a385.5m (2024: \u00a3101.0m), whilst that
relating to the Group\u2019s trading properties amounted to \u00a37.6m (2024: \u00a329.3m). At 31 December 2025 and 31 December 2024, there were
no material contractual obligations for the purchase, repair or maintenance of investment or trading properties.
In May 2022, the Group entered into a conditional contract to acquire the freehold of Old Street Quarter island site. The site is being
sold by Moor\ufb01elds Eye Hospital NHS Foundation Trust and UCL, together the Oriel joint initiative (\u201cOriel\u201d). Consideration for the site
has been agreed as \u00a3239m before costs. Completion is subject to delivery by Oriel of a new hospital and subsequent vacant possession
of the site, which is anticipated no earlier than late 2027. In addition to the note 19 disclosure of the impairment assessment under IAS
36 Impairment of Assets for costs incurred to date, the conditional contract has also been assessed under IAS 37 Provisions,
Contingent Liabilities and Contingent Assets, and it has been determined that no adjustments are required to the year end \ufb01nancial
statements. This will continue to be monitored through to completion of the acquisition of the site. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00237": { "value": "34\u2002Leases \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Operating lease receipts
\u00a0 \u00a0
Minimum lease receipts under non-cancellable operating leases to be received:
\u00a0 \u00a0
not later than one year
198.3
207.8
later than one year and not later than \ufb01ve years
668.4
634.9
later than \ufb01ve years
760.5
698.1
\u00a0
1,627.2
1,540.8
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Headlease obligations
\u00a0 \u00a0
Minimum lease payments under headleases that fall due:
\u00a0 \u00a0
not later than one year
2.0
1.7
later than one year and not later than \ufb01ve years
8.0
7.0
later than \ufb01ve years
254.0
208.6
\u00a0
264.0
217.3
Future contingent rent payable on headleases
0.2
\u2013
Future \ufb01nance charges on headleases
(223.2)
(182.7)
Present value of headlease liabilities
41.0
34.6
Present value of minimum headlease obligations:
\u00a0 \u00a0
not later than one year
0.5
0.4
later than one year and not later than \ufb01ve years
1.9
1.9
later than \ufb01ve years
38.6
32.3
\u00a0
41.0
34.6
\n
The Group has approximately 640 leases granted to its tenants. These vary depending on the individual tenant and the respective
property and demise but typically are let for a term of \ufb01ve to 20 years, at a market rent with provisions to review to market rent every
\ufb01ve years. Standard lease provisions include service charge payments and recovery of other direct costs. The weighted average lease
length of the leases commencing during 2025 was 7.4 years (2024: 5.4 years). Of these leases, on a weighted average basis, 62% (2024:
73%) included a rent free or half rent period.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00321": { "value": "35\u2002Post balance sheet events
In January 2026, the Group exercised its option to extend the \u00a382.5m unsecured term loan, originally set to mature in February 2027,
by\u00a0one year to February 2028.
In February 2026, \u00a355m of US private placement notes were repaid upon maturity.
In February 2026, the Group exchanged on the disposal of its freehold interest in 80 Tottenham Court Road, W1 for \u00a332.6m before costs.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00238": { "value": "36\u2002Related party disclosure
Details of Directors\u2019 remuneration are given in the report of the Remuneration Committee on pages 172 to 209 and note 10. Details of
transactions with joint ventures are shown in note 18. A full list of subsidiaries and joint ventures is given in note xiii of the Company
\ufb01nancial statements.
There have been no related party transactions for the year ended 31 December 2025 that have materially a\ufb00ected the \ufb01nancial
position or performance of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00239": { "value": "36\u2002Related party disclosure
Details of Directors\u2019 remuneration are given in the report of the Remuneration Committee on pages 172 to 209 and note 10. Details of
transactions with joint ventures are shown in note 18. A full list of subsidiaries and joint ventures is given in note xiii of the Company
\ufb01nancial statements.
There have been no related party transactions for the year ended 31 December 2025 that have materially a\ufb00ected the \ufb01nancial
position or performance of the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00240": { "value": "37\u2002EPRA performance measures and core recommendations
Unaudited unless stated otherwise.
As with most other UK property companies and REITs, the Group presents many of its \ufb01nancial measures in accordance with the
guidance criteria issued by the EPRA. These measures, which provide consistency across the sector, are all derived from the IFRS
\ufb01gures. A summary of our EPRA performance measures is set out in the table below.
Summary table of EPRA performance measures
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0
Pence
\u00a0
Pence
\u00a0 \u00a0
per share
\u00a0
per share
\u00a0 \u00a0
p
\u00a0
p
EPRA earnings (audited)
\u00a3110.4m
98.36
\u00a3119.5m
106.45
EPRA Net Tangible Assets (audited)
\u00a33,619.8m
3,225
\u00a33,545.0m
3,149
EPRA Net Disposal Value (audited)
\u00a33,706.2m
3,302
\u00a33,671.4m
3,261
EPRA Net Reinstatement Value (audited)
\u00a33,968.4m
3,535
\u00a33,889.5m
3,455
EPRA Cost Ratio (including direct vacancy costs)
27.3%
\u00a0
27.0%
\u00a0
EPRA Cost Ratio (excluding direct vacancy costs)
22.4%
\u00a0
21.7%
\u00a0
EPRA Net Initial Yield
4.0%
\u00a0
4.3%
\u00a0
EPRA 'topped-up' Net Initial Yield
5.1%
\u00a0
5.2%
\u00a0
EPRA Vacancy Rate
4.1%
\u00a0
3.1%
\u00a0
\n
The de\ufb01nition of these measures can be found on pages 290 and 291.
Number of shares
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Earnings per share
Net asset value per share
\u00a0
Weighted average
At 31 December
\u00a0
2025
2024
2025
2024
\u00a0
Audited
Audited
Audited
Audited
\u00a0
\u2018000
\u2018000
\u2018000
\u2018000
For use in basic measures
112,241
112,258
112,236
112,258
Dilutive e\ufb00ect of share-based payments
13
342
12
323
For use in diluted measures
112,254
112,600
112,248
112,581
\n
For the year ended 31 December 2024, the Group did not recognise the dilutive impact of the conversion of the \u00a3175m unsecured
convertible bonds 2025 (\u20181.5% convertible bonds 2025\u2019) on its earnings per share (EPS) or net asset value (NAV) per share metrics as,
based on the share price at the end of that year, the bonds were not expected to convert. In 2025, the \u00a3175m unsecured convertible
bonds 2025 (\u20181.5% convertible bonds 2025\u2019) were repaid in full with no share conversion, resulting in no dilutive impact on the Group\u2019s
earnings per share (EPS) or net asset value (NAV) per share metrics.
The following tables set out reconciliations between the IFRS and EPRA earnings for the year and earnings per share. The adjustments
made between the \ufb01gures are as follows:
A \u2013 Disposal of investment and trading property (including the Group\u2019s share in joint ventures), and associated tax.
B \u2013 Revaluation movement on investment property, in joint ventures and other interests and associated deferred tax.
C \u2013 Fair value movement and termination income relating to derivative \ufb01nancial instruments.
D \u2013 Non-operating and exceptional items.
Earnings and earnings per share (audited)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Adjustments
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
EPRA
\u00a0
IFRS
A
B
C
D
basis
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Year ended 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net property and other income
199.6
(4.2)
1.4
\u2013
\u2013
196.8
Total administrative expenses
(39.1)
\u2013
\u2013
\u2013
0.4
(38.7)
Revaluation surplus
52.2
\u2013
(52.2)
\u2013
\u2013
\u2013
Loss on disposal
(2.2)
2.2
\u2013
\u2013
\u2013
\u2013
Net \ufb01nance costs
(48.4)
\u2013
\u2013
1.2
\u2013
(47.2)
Movement in fair value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
of derivative \ufb01nancial instruments
(0.6)
\u2013
\u2013
0.6
\u2013
\u2013
Pro\ufb01t before tax
161.5
(2.0)
(50.8)
1.8
0.4
110.9
Tax charge
(0.4)
\u2013
(0.1)
\u2013
\u2013
(0.5)
Pro\ufb01t for the year
161.1
(2.0)
(50.9)
1.8
0.4
110.4
Earnings attributable to equity shareholders
161.1
(2.0)
(50.9)
1.8
0.4
110.4
Earnings per share
143.53p
\u00a0 \u00a0 \u00a0 \u00a0
98.36p
Diluted earnings per share
143.51p
\u00a0 \u00a0 \u00a0 \u00a0
98.35p
\n
In addition to EPRA earnings per share, an adjusted earnings per share is presented below to add back the pro\ufb01t from the disposal of
the trading properties (see note 5), following the sale of the residential apartments at 100 George Street W1, which are excluded from
EPRA earnings.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
\u00a3m
Earnings attributable to equity shareholders
110.4
Pro\ufb01ts from the disposal of trading properties
4.2
Adjusted earnings attributable to equity shareholders
114.6
Adjusted earnings per share
102.10p
\n
During the year, the Group commenced an IT transformation project to implement a new \ufb01nance system. In accordance with EPRA
Best Practices Recommendations (September 2024), the associated costs have been excluded from EPRA earnings per share.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Adjustments
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
EPRA
\u00a0
IFRS
A
B
C
D
basis
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Year ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net property and other income
198.3
\u2013
0.2
\u2013
\u2013
198.5
Total administrative expenses
(41.1)
\u2013
\u2013
\u2013
\u2013
(41.1)
Revaluation de\ufb01cit
(2.7)
\u2013
2.7
\u2013
\u2013
\u2013
Pro\ufb01t on disposal
1.9
(1.9)
\u2013
\u2013
\u2013
\u2013
Net \ufb01nance costs
(39.6)
\u2013
\u2013
\u2013
\u2013
(39.6)
Movement in fair value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
of derivative \ufb01nancial instruments
(2.3)
\u2013
\u2013
2.3
\u2013
\u2013
Share of results of joint ventures
1.5
\u2013
0.3
\u2013
\u2013
\u2013
Pro\ufb01t before tax
116.0
(1.9)
3.2
2.3
\u2013
119.6
Tax charge
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
Pro\ufb01t for the year
115.9
(1.9)
3.2
2.3
\u2013
119.5
Earnings attributable to equity shareholders
115.9
(1.9)
3.2
2.3
\u2013
119.5
Earnings per share
103.24p
\u00a0 \u00a0 \u00a0 \u00a0
106.45p
Diluted earnings per share
102.93p
\u00a0 \u00a0 \u00a0 \u00a0
106.13p
\n
EPRA Net Asset Value metrics (audited)
\n\n \n
2025
2024
\u00a3m
\u00a3m
Net assets attributable to equity shareholders
3,615.3
3,539.8
Adjustment for:
Revaluation of trading properties
0.4
0.6
Deferred tax on revaluation surplus
1
2.3
1.8
Fair value of derivative \ufb01nancial instruments
\u2013
(0.6)
Fair value adjustment to secured bonds
1.8
3.4
EPRA Net Tangible Assets
3,619.8
3,545.0
Per share measure \u2013 diluted
3,225p
3,149p
Net assets attributable to equity shareholders
3,615.3
3,539.8
Adjustment for:
Revaluation of trading properties
0.4
0.6
Fair value adjustment to secured bonds
1.8
3.4
Mark-to-market of \ufb01xed rate debt
96.6
133.6
Unamortised issue and arrangement costs
(7.9)
(6.0)
EPRA Net Disposal Value
3,706.2
3,671.4
Per share measure \u2013 diluted
3,302p
3,261p
Net assets attributable to equity shareholders
3,615.3
3,539.8
Adjustment for:
Revaluation of trading properties
0.4
0.6
Deferred tax on revaluation surplus
4.5
3.5
Fair value of derivative \ufb01nancial instruments
\u2013
(0.6)
Fair value adjustment to secured bonds
1.8
3.4
Purchasers' costs
2
346.4
342.8
EPRA Net Reinstatement Value
3,968.4
3,889.5
Per share measure \u2013 diluted
3,535p
3,455p
\n
1
Only 50% of the deferred tax on the revaluation surplus is excluded.
\n
2
Includes Stamp Duty Land Tax. Total costs assumed to be 6.8% of the portfolio\u2019s fair value.
Cost ratio
\n\n \n
2025
2024
\u00a3m
\u00a3m
Administrative expenses
39.1
41.1
Write-o\ufb00/impairment of receivables
0.5
0.2
Other property costs
17.9
16.7
Dilapidation receipts
(0.2)
(0.8)
Net service charge costs
6.6
5.3
Management fees received less estimated pro\ufb01t element
(4.9)
(5.1)
Share of joint ventures' expenses
\u2013
0.3
EPRA costs (including direct vacancy costs) (A)
59.0
57.7
Direct vacancy costs
(10.5)
(11.3)
EPRA costs (excluding direct vacancy costs) (B)
48.5
46.4
Gross rental income
218.3
214.8
Ground rent
(1.9)
(1.5)
Service charge components of rental income
\u2013
(1.3)
Share of joint ventures' rental income less ground rent
\u2013
2.0
Adjusted gross rental income (C)
216.4
214.0
EPRA cost ratio (including direct vacancy costs) (A/C)
27.3%
27.0%
EPRA cost ratio (excluding direct vacancy costs) (B/C)
22.4%
21.7%
\n
In addition to the two EPRA cost ratios, the Group has calculated an additional cost ratio based on its property portfolio fair value to
\n
recognise the \u2018total return\u2019 nature of the Group\u2019s activities.
\n\n \n
2025
2024
\u00a3m
\u00a3m
Property portfolio at fair value (D)
5,093.9
5,041.1
Portfolio cost ratio (A/D)
1.2%
1.1%
\n
Net Initial Yield and \u2018topped-up\u2019 Net Initial Yield
\n\n \n
2025
2024
\u00a3m
\u00a3m
Property portfolio
5,093.9
5,041.1
Less non-EPRA properties
1
(781.6)
(696.0)
Completed property portfolio
4,312.3
4,345.1
Allowance for:
Estimated purchasers\u2019 costs
293.2
295.5
EPRA property portfolio valuation (A)
4,605.5
4,640.6
Annualised contracted rental income, net of ground rents2
194.8
204.3
Less non-EPRA properties
1
(5.4)
(0.7)
Add outstanding rent reviews
\u2013
0.7
Less estimate of non-recoverable expenses
(6.1)
(5.6)
(11.5)
(5.6)
Current income net of non-recoverable expenses (B)
183.3
198.7
Contractual rental increases across the portfolio
53.5
42.2
Contractual rental increases across the EPRA portfolio
53.5
42.2
\u2018Topped-up\u2019 net annualised rent (C)
236.8
240.9
EPRA net initial yield (B/A)
4.0%
4.3%
EPRA \u2018topped-up\u2019 net initial yield (C/A)
5.1%
5.2%
\n
1
In accordance with EPRA best practice guidelines, deductions are made for development properties, land and long-dated reversions.
\n
2
The 2024 \ufb01gure has been re-presented with no change to the EPRA net initial yield.
Vacancy rate
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Annualised estimated rental value of vacant premises
11.3
8.4
Portfolio estimated rental value
339.5
324.3
Less non-EPRA properties
1
(62.4)
(49.7)
\u00a0
277.1
274.6
EPRA vacancy rate
4.1%
3.1%
\n
1
In accordance with EPRA best practice guidelines, deductions are made for development properties, land and long-dated reversions.
Like-for-like rental growth
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Like-for-like
\u00a0 \u00a0
\u00a0
portfolio
Other
Total
\u00a0
\u00a3m
\u00a3m
\u00a3m
2025
\u00a0 \u00a0 \u00a0
Gross rental income
188.4
31.2
219.6
Other property expenditure
(19.5)
(6.9)
(26.4)
Write-o\ufb00/impairment of receivables
\u2013
(0.5)
(0.5)
Impairment included in prepayments (see note 19)
\u2013
(1.4)
(1.4)
Net rental income
168.9
22.4
191.3
Other
5.2
4.4
9.6
Net property and other income
174.1
26.8
200.9
2024
\u00a0 \u00a0 \u00a0
Gross rental income
183.9
29.6
213.5
Other property expenditure
(16.9)
(6.6)
(23.5)
Write-o\ufb00/impairment of receivables
(0.4)
0.2
(0.2)
Impairment included in prepayments (see note 19)
\u2013
(0.2)
(0.2)
Net rental income
166.6
23.0
189.6
Other
5.4
3.3
8.7
Net property and other income
172.0
26.3
198.3
Change based on:
\u00a0 \u00a0 \u00a0
Gross rental income
2.4%
\u00a0
2.9%
Net rental income
1.4%
\u00a0
0.9%
Net property and other income
1.2%
\u00a0
1.3%
\n
Property-related capital expenditure
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
Group
Joint
\u00a0
Group
Joint
\u00a0
\u00a0
(excl. Joint
ventures
Total
(excl. Joint
ventures
Total
\u00a0
ventures)
(50% share)
Group
ventures)
(50% share)
Group
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Acquisitions
6.0
\u2013
6.0
47.0
\u2013
47.0
Development
129.8
\u2013
129.8
136.2
3.3
139.5
Investment properties
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Incremental lettable space
0.3
\u2013
0.3
2.5
\u2013
2.5
No incremental lettable space
26.4
\u2013
26.4
45.3
\u2013
45.3
Tenant incentives
2.3
\u2013
2.3
0.3
\u2013
0.3
Capitalised interest
13.8
\u2013
13.8
10.7
\u2013
10.7
Total capital expenditure
178.6
\u2013
178.6
242.0
3.3
245.3
Conversion from accrual to cash basis
2.5
\u2013
2.5
(12.1)
\u2013
(12.1)
Total capital expenditure on a cash basis
181.1
\u2013
181.1
229.9
3.3
233.2
\n", "dimensions": { "concept": "dln:DisclosureOfEpraPerformanceMeasuresAndCoreRecommendationsExplanatoryTextBlock", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00241": { "value": "37\u2002EPRA performance measures and core recommendations
Unaudited unless stated otherwise.
As with most other UK property companies and REITs, the Group presents many of its \ufb01nancial measures in accordance with the
guidance criteria issued by the EPRA. These measures, which provide consistency across the sector, are all derived from the IFRS
\ufb01gures. A summary of our EPRA performance measures is set out in the table below.
Summary table of EPRA performance measures
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0 \u00a0
Pence
\u00a0
Pence
\u00a0 \u00a0
per share
\u00a0
per share
\u00a0 \u00a0
p
\u00a0
p
EPRA earnings (audited)
\u00a3110.4m
98.36
\u00a3119.5m
106.45
EPRA Net Tangible Assets (audited)
\u00a33,619.8m
3,225
\u00a33,545.0m
3,149
EPRA Net Disposal Value (audited)
\u00a33,706.2m
3,302
\u00a33,671.4m
3,261
EPRA Net Reinstatement Value (audited)
\u00a33,968.4m
3,535
\u00a33,889.5m
3,455
EPRA Cost Ratio (including direct vacancy costs)
27.3%
\u00a0
27.0%
\u00a0
EPRA Cost Ratio (excluding direct vacancy costs)
22.4%
\u00a0
21.7%
\u00a0
EPRA Net Initial Yield
4.0%
\u00a0
4.3%
\u00a0
EPRA 'topped-up' Net Initial Yield
5.1%
\u00a0
5.2%
\u00a0
EPRA Vacancy Rate
4.1%
\u00a0
3.1%
\u00a0
\n
The de\ufb01nition of these measures can be found on pages 290 and 291.
Number of shares
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Earnings per share
Net asset value per share
\u00a0
Weighted average
At 31 December
\u00a0
2025
2024
2025
2024
\u00a0
Audited
Audited
Audited
Audited
\u00a0
\u2018000
\u2018000
\u2018000
\u2018000
For use in basic measures
112,241
112,258
112,236
112,258
Dilutive e\ufb00ect of share-based payments
13
342
12
323
For use in diluted measures
112,254
112,600
112,248
112,581
\n
For the year ended 31 December 2024, the Group did not recognise the dilutive impact of the conversion of the \u00a3175m unsecured
convertible bonds 2025 (\u20181.5% convertible bonds 2025\u2019) on its earnings per share (EPS) or net asset value (NAV) per share metrics as,
based on the share price at the end of that year, the bonds were not expected to convert. In 2025, the \u00a3175m unsecured convertible
bonds 2025 (\u20181.5% convertible bonds 2025\u2019) were repaid in full with no share conversion, resulting in no dilutive impact on the Group\u2019s
earnings per share (EPS) or net asset value (NAV) per share metrics.
The following tables set out reconciliations between the IFRS and EPRA earnings for the year and earnings per share. The adjustments
made between the \ufb01gures are as follows:
A \u2013 Disposal of investment and trading property (including the Group\u2019s share in joint ventures), and associated tax.
B \u2013 Revaluation movement on investment property, in joint ventures and other interests and associated deferred tax.
C \u2013 Fair value movement and termination income relating to derivative \ufb01nancial instruments.
D \u2013 Non-operating and exceptional items.
Earnings and earnings per share (audited)
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Adjustments
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
EPRA
\u00a0
IFRS
A
B
C
D
basis
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Year ended 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net property and other income
199.6
(4.2)
1.4
\u2013
\u2013
196.8
Total administrative expenses
(39.1)
\u2013
\u2013
\u2013
0.4
(38.7)
Revaluation surplus
52.2
\u2013
(52.2)
\u2013
\u2013
\u2013
Loss on disposal
(2.2)
2.2
\u2013
\u2013
\u2013
\u2013
Net \ufb01nance costs
(48.4)
\u2013
\u2013
1.2
\u2013
(47.2)
Movement in fair value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
of derivative \ufb01nancial instruments
(0.6)
\u2013
\u2013
0.6
\u2013
\u2013
Pro\ufb01t before tax
161.5
(2.0)
(50.8)
1.8
0.4
110.9
Tax charge
(0.4)
\u2013
(0.1)
\u2013
\u2013
(0.5)
Pro\ufb01t for the year
161.1
(2.0)
(50.9)
1.8
0.4
110.4
Earnings attributable to equity shareholders
161.1
(2.0)
(50.9)
1.8
0.4
110.4
Earnings per share
143.53p
\u00a0 \u00a0 \u00a0 \u00a0
98.36p
Diluted earnings per share
143.51p
\u00a0 \u00a0 \u00a0 \u00a0
98.35p
\n
In addition to EPRA earnings per share, an adjusted earnings per share is presented below to add back the pro\ufb01t from the disposal of
the trading properties (see note 5), following the sale of the residential apartments at 100 George Street W1, which are excluded from
EPRA earnings.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
\u00a3m
Earnings attributable to equity shareholders
110.4
Pro\ufb01ts from the disposal of trading properties
4.2
Adjusted earnings attributable to equity shareholders
114.6
Adjusted earnings per share
102.10p
\n
During the year, the Group commenced an IT transformation project to implement a new \ufb01nance system. In accordance with EPRA
Best Practices Recommendations (September 2024), the associated costs have been excluded from EPRA earnings per share.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
Adjustments
\u00a0
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
EPRA
\u00a0
IFRS
A
B
C
D
basis
\u00a0
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Year ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Net property and other income
198.3
\u2013
0.2
\u2013
\u2013
198.5
Total administrative expenses
(41.1)
\u2013
\u2013
\u2013
\u2013
(41.1)
Revaluation de\ufb01cit
(2.7)
\u2013
2.7
\u2013
\u2013
\u2013
Pro\ufb01t on disposal
1.9
(1.9)
\u2013
\u2013
\u2013
\u2013
Net \ufb01nance costs
(39.6)
\u2013
\u2013
\u2013
\u2013
(39.6)
Movement in fair value
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
of derivative \ufb01nancial instruments
(2.3)
\u2013
\u2013
2.3
\u2013
\u2013
Share of results of joint ventures
1.5
\u2013
0.3
\u2013
\u2013
\u2013
Pro\ufb01t before tax
116.0
(1.9)
3.2
2.3
\u2013
119.6
Tax charge
(0.1)
\u2013
\u2013
\u2013
\u2013
(0.1)
Pro\ufb01t for the year
115.9
(1.9)
3.2
2.3
\u2013
119.5
Earnings attributable to equity shareholders
115.9
(1.9)
3.2
2.3
\u2013
119.5
Earnings per share
103.24p
\u00a0 \u00a0 \u00a0 \u00a0
106.45p
Diluted earnings per share
102.93p
\u00a0 \u00a0 \u00a0 \u00a0
106.13p
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00242": { "value": "38\u2002Total accounting return
\u00a0
2025
2024
\u00a0
P
P
EPRA Net Tangible Assets on a diluted basis
\u00a0 \u00a0
At end of year
3,225
3,149
At start of year
(3,149)
(3,129)
Increase
76
20
Dividend per share
81
80
Increase including dividend
157
100
Total accounting return
5.0%
3.2%
", "dimensions": { "concept": "dln:DisclosureOfTotalAccountingReturnTextBlock", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00243": { "value": "39\u2002Gearing and interest cover
NAV gearing
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Net debt
1,450.4
1,482.7
Net assets
3,615.3
3,539.8
NAV gearing
40.1%
41.9%
\n
Loan-to-value ratio
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Group loan-to-value ratio
\u00a0 \u00a0
Net debt
1,450.4
1,482.7
Fair value adjustment of secured bonds
(1.8)
(3.4)
Unamortised discount on unsecured bonds
2.3
1.3
Unamortised issue and arrangement costs
7.9
6.0
Leasehold liabilities
(41.0)
(34.6)
Drawn debt net of cash (A)
1,417.8
1,452.0
Fair value of property portfolio (B)
5,093.9
5,041.1
Loan-to-value ratio (A/B)
27.8%
28.8%
EPRA loan-to-value ratio
\u00a0 \u00a0
Drawn debt net of cash (A)
1,417.8
1,452.0
Debt with equity characteristics
\u2013
(20.0)
Adjustment for hybrid debt instruments
\u2013
0.6
Net payables adjustment
81.2
72.7
Adjusted debt (C)
1,499.0
1,505.3
Fair value of property portfolio (B)
5,093.9
5,041.1
EPRA loan-to-value ratio (C/B)
29.4%
29.9%
Net interest cover ratio
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Group net interest cover ratio
\u00a0 \u00a0
Net property and other income\u00a0
199.6
198.3
Adjustments for:
\u00a0 \u00a0
Other income
(4.9)
(5.1)
Other property income
\u00a0
(0.1)
Surrender premiums received
(0.3)
(2.7)
Pro\ufb01t on disposal of trading properties
(4.2)
\u2013
Adjusted net property income
190.2
190.4
Finance income
(2.1)
(0.3)
Finance costs
50.5
39.9
\u00a0
48.4
39.6
Adjustments for:
\u00a0 \u00a0
Finance income
2.1
0.3
Other \ufb01nance costs
(1.4)
(0.4)
Amortisation of fair value adjustment to secured bonds
1.7
1.6
Amortisation of issue and arrangement costs
(2.8)
(2.6)
Finance costs capitalised
14.1
11.2
Net interest payable
62.1
49.7
Group net interest cover ratio
306%
383%
Proportionally consolidated net interest cover ratio
\u00a0 \u00a0
Adjusted net property income
190.2
190.4
Share of joint ventures\u2019 net property income
\u2013
1.9
Adjusted net property income including share of joint ventures
190.2
192.3
Net interest payable
62.1
49.7
Proportionally consolidated net interest cover ratio
306%
387%
\n
Net debt to EBITDA
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
2024
\u00a0
\u00a3m
\u00a3m
Net debt (A)
1,450.4
1,482.7
Pro\ufb01t for the year
161.1
115.9
Add back: tax charge
0.4
0.1
Pro\ufb01t before tax
161.5
116.0
Add back: net \ufb01nance charges
48.4
39.6
Add back: movement in fair value of derivative \ufb01nancial instruments
0.6
2.3
\u00a0
210.5
157.9
Add back: loss/(pro\ufb01t) on disposal
2.2
(1.9)
Add back: revaluation (surplus)/de\ufb01cit
(52.2)
2.7
Add back: share of joint venture revaluation movement/impairment (note 8)
\u2013
0.3
Add back: depreciation
0.8
1.0
Add back: IT transformation project costs
0.4
\u2013
EBITDA (B)
161.7
160.0
Net debt to EBITDA (A/B)
9.0
9.3
\n", "dimensions": { "concept": "dln:DisclosureOfGearingAndInterestCover", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00244": { "value": "40\u2002Material accounting policies
Basis of consolidation
The Group \ufb01nancial statements incorporate the \ufb01nancial statements of Derwent London plc and all of its subsidiaries, together with
the Group\u2019s share of the results of its joint ventures.
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the
Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to a\ufb00ect those returns
through its power over the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are no
longer consolidated from the date that control ceases.
Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. Interests in
joint ventures are accounted for using the equity method of accounting as permitted by IFRS 11 Joint Arrangements, and following the
procedures for this method set out in IAS 28 Investments in Associates and Joint Ventures. The equity method requires the Group\u2019s
share of the joint venture\u2019s post-tax pro\ufb01t or loss for the year to be presented separately in the income statement and the Group\u2019s
share of the joint venture\u2019s net assets to be presented separately in the balance sheet.
Intra-group balances and any unrealised gains and losses arising from intra-group transactions are eliminated in preparing the
consolidated \ufb01nancial statements. Unrealised gains arising from transactions with joint ventures are eliminated to the extent of the
Group\u2019s interest in the joint venture concerned. Unrealised losses are eliminated in the same way, but only to the extent that there is
no evidence of impairment.
Gross property income
Gross property income arises from two main sources:
(i)
Rental income
\u2013 This arises from operating leases granted to tenants. An operating lease is a lease other than a \ufb01nance lease. A
\ufb01nance lease is one whereby substantially all the risks and rewards of ownership are passed to the lessee.
Rental income is recognised in the Group income statement on a straight-line basis over the term of the lease in accordance with
IFRS 16 Leases. This includes the e\ufb00ect of lease incentives given to tenants, which are normally in the form of rent-free or half rent
periods or capital contributions in lieu of rent-free periods, and the e\ufb00ect of contracted rent uplifts and payments received from
tenants on the grant of leases. Where the total consideration due under a lease is modi\ufb01ed, the revised total amount due under
the lease is recognised on a straight-line basis over the remaining term of the lease. Where rent demanded is forgiven for periods
that have passed, these amounts are assessed under IFRS 9 and written o\ufb00. Where rent is forgiven for future periods, this is
considered a lease modi\ufb01cation and spread on a straight-line basis over the remaining lease term in accordance with IFRS 16.
For income from property leased out under a \ufb01nance lease, a lease receivable asset is recognised in the balance sheet at an
amount equal to the net investment in the lease, as de\ufb01ned in IFRS 16 Leases. Minimum lease payments receivable, again de\ufb01ned
in IFRS 16, are apportioned between \ufb01nance income and the reduction of the outstanding lease receivable so as to produce a
constant periodic rate of return on the remaining net investment in the lease. Contingent rents, being the di\ufb00erence between the
rent currently receivable and the minimum lease payments when the net investment in the lease was originally calculated, are
recognised in property income in the years in which they are receivable.
(ii)
Surrender premiums
\u2013 Payments received from tenants to surrender their lease obligations are recognised immediately in the
Group income statement. In circumstances where surrender payments received relate to speci\ufb01c periods, they are deferred and
recognised in those periods.
Other income
Other income consists of commissions, fees charged to tenants for the management of certain Group properties, administration
services provided to joint ventures and customer services. Other income is recognised in the Group income statement in accordance
with the delivery of services as required by IFRS 15 Revenue from Contracts with Customers.
Service charges
Service charge income relates to expenditure that is directly recoverable from tenants, excluding management fees which are
included in \u2018other income\u2019. Service charge income is recognised as revenue in the period to which it relates as required by IFRS 15
Revenue from Contracts with Customers.
Expenses
(i)
Lease payments
\u2013 For leasehold investment properties held, a right of use asset is recognised at commencement date of the lease
within the investment property carrying value. The initial cost includes the lease liabilities recognised, initial direct costs incurred
and any lease payments made at commencement adjusted for any lease incentives received. In addition, a corresponding lease
liability is also included on the balance sheet. Minimum lease payments are apportioned between the \ufb01nance charge and the
reduction of the outstanding liability so as to produce a constant periodic rate of interest on the remaining lease liability.
(ii)
Dilapidations
\u2013 Dilapidation monies received from tenants in respect of their lease obligations are recognised immediately in the
Group income statement, unless they relate to future capital expenditure. In the latter case, where the costs are considered to be
recoverable they are capitalised as part of the carrying value of the property.
(iii)
Reverse surrender premiums
\u2013 Payments made to tenants to surrender their lease obligations are charged directly to the Group
income statement unless the payment is to enable the probable redevelopment of a property. In the latter case, where the costs
are considered to be recoverable, they are capitalised as part of the carrying value of the property.
(iv)
Other property expenditure
\u2013 Vacant property costs and other property costs are expensed in the year to which they relate,
with the exception of the initial direct costs incurred in negotiating and arranging leases which are, in accordance with IFRS 16
Leases, added to the carrying value of the relevant property and recognised as an expense over the lease term on the same basis
as the lease income.
Employee bene\ufb01ts
(i) Share-based remuneration
Equity-settled
\u2013 The Company operates a long-term incentive plan and share option scheme. The fair value of the conditional
awards of shares granted under the long-term incentive plan and the options granted under the share option scheme are
determined at the date of grant. This fair value is then expensed on a straight-line basis over the vesting period, based on an
estimate of the number of shares that will eventually vest. At each reporting date, the non-market based performance criteria of
the long-term incentive plan are reconsidered and the expense is revised as necessary. In respect of the share option scheme, the
fair value of the options granted is calculated using a binomial lattice pricing model.
(ii) Pensions
(a)
De\ufb01ned contribution plans
\u2013 Obligations for contributions to de\ufb01ned contribution pension plans are recognised as an
expense in the Group income statement in the period to which they relate.
(b)
De\ufb01ned bene\ufb01t plans
\u2013 The Group\u2019s net obligation in respect of de\ufb01ned bene\ufb01t post-employment plans, including pension
plans, is calculated separately for each plan by estimating the amount of future bene\ufb01t that employees have earned in
return for their service in the current and prior periods. That bene\ufb01t is discounted to determine its present value, and the fair
value of any plan assets is deducted. The discount rate is the yield at the balance sheet date on AA credit rated bonds that
have maturity dates approximating the terms of the Group\u2019s obligations. The calculation is performed by a quali\ufb01ed actuary
using the projected unit credit method. Any actuarial gain or loss in the period is recognised in full in the Group statement of
comprehensive income.
Business combinations
Business combinations are accounted for under the acquisition method. Any excess of the purchase price of business combinations
over the fair value of the assets, liabilities and contingent liabilities acquired and resulting deferred tax thereon is recognised as
goodwill. Any discount is credited to the Group income statement in the period of acquisition. Goodwill is recognised as an asset and
reviewed for impairment. Any impairment is recognised immediately in the Group income statement and is not subsequently reversed.
Any residual goodwill is reviewed annually for impairment.
Investment property
(i)
Valuation
\u2013 Investment properties are those that are held either to earn rental income or for capital appreciation or both,
including those that are undergoing redevelopment. Investment properties are measured initially at cost, including related
transaction costs. After initial recognition, they are carried in the Group balance sheet at fair value adjusted for the carrying value
of leasehold interests and lease incentive and letting cost receivables. Fair value is the price that would be received to sell an
investment property in an orderly transaction between market participants at the measurement date. The valuation is
undertaken by independent valuers who hold recognised and relevant professional quali\ufb01cations and have recent experience in
the locations and categories of properties being valued.
Surpluses or de\ufb01cits resulting from changes in the fair value of investment property are reported in the Group income statement
in the year in which they arise.
The Group leases out investment properties under operating leases with rents generally payable monthly or quarterly. The Group
is exposed to changes in the residual value of properties at the end of current lease agreements, and mitigates this risk by actively
managing its tenant mix in order to maximise the weighted average lease term, minimise vacancies across the portfolio and
maximise exposure to tenants with strong \ufb01nancial characteristics. The Group also grants lease incentives to encourage high
quality tenants to remain in properties for longer lease terms.
(ii)
Capital expenditure
\u2013 Capital expenditure, being costs directly attributable to the redevelopment or refurbishment of an
investment property, up to the point of it being completed for its intended use, are capitalised in the carrying value of that
property. In addition, in accordance with IAS 23 Borrowing Costs, \ufb01nance costs that are directly attributable to such expenditure
are capitalised using the Group\u2019s average cost of borrowings during each quarter.
Certain internal sta\ufb00 and associated costs directly attributable to the major development and refurbishment schemes are also
capitalised based on the proportion of time spent on the relevant scheme. These costs are capitalised from the date the Group
determines it is probable that the development will progress until the date of practical completion.
(iii)
Disposal
\u2013 Properties are treated as disposed when the Group transfers the signi\ufb01cant risks and rewards of ownership to the
buyer. Generally this would occur on completion of contract. On disposal, any gain or loss is calculated as the di\ufb00erence between
the net disposal proceeds and the carrying value at the last year end plus subsequent capitalised expenditure during the year.
Where the net disposal proceeds have yet to be \ufb01nalised at the balance sheet date, the proceeds recognised re\ufb02ect the Directors\u2019
best estimate of the amounts expected to be received. Any contingent consideration is recognised at fair value at the balance
sheet date. The fair value is calculated using future discounted cash \ufb02ows based on expected outcomes with estimated
probabilities taking account of the risk and uncertainty of each input.
(iv)
Development
\u2013 When the Group begins to redevelop an existing investment property for continued use as an investment
property or acquires a property with the subsequent intention of developing as an investment property, the property is classi\ufb01ed
as an investment property and is accounted for as such. When the Group begins to redevelop an existing investment property
with a view to sale, the property is transferred to trading properties and held as a current asset. The property is remeasured to fair
value as at the date of transfer with any gain or loss being taken to the income statement. The remeasured amount becomes the
deemed cost at which the property is then carried in trading properties.
Trading property and trading stock
Trading property relates to property being developed for sale. Trading stock relates to development expenditure which is due to be
disposed of to third parties under development agreements. In accordance with IAS 2 Inventories, trading property and trading stock
are held at the lower of cost and net realisable value. Proceeds from sale are recognised in the Group\u2019s income statement when title
has been transferred to the purchaser as required by IFRS 15 Revenue from Contracts with Customers.
Prepayment (non-current)
Acquisition and capital expenditure costs incurred in advance of ownership of a property are initially included as a prepayment in the
Group\u2019s balance sheet and measured at cost. This asset is then tested for impairment under IAS 36 Impairment of Assets. On
completion of the purchase, the asset will be transferred to either investment property or trading property as appropriate.
Property, plant and equipment
(i)
Owner-occupied property
\u2013 Owner-occupied property is stated at its revalued amount, which is determined in the same
manner as investment property. It is depreciated over its remaining useful life (40 years) with the depreciation included in
administrative expenses. On revaluation, any accumulated depreciation is eliminated against the gross carrying amount of the
property concerned, and the net amount restated to the revalued amount. Subsequent depreciation charges are adjusted based
on the revalued amount for each property. Any di\ufb00erence between the depreciation charge on the revalued amount and that
which would have been charged under historic cost is transferred, net of any related deferred tax, between the revaluation
reserve and retained earnings as the property is utilised. Surpluses or de\ufb01cits resulting from changes in the fair value are reported
in the Group statement of comprehensive income. The land element of the property is not depreciated.
(ii)
Solar park
\u2013 The Solar park is carried at cost, including directly attributable construction and development expenditure. As the
asset is not yet ready for use, no depreciation is charged.
(iii)
Other
\u2013 Plant and equipment is depreciated at a rate of between 10% and 25% per annum which is calculated to write o\ufb00 the
cost, less estimated residual value of the individual assets, over their expected useful lives. Artwork is stated at revalued amounts
on the basis of open market value.
Investments
Investments in joint ventures, being those entities over whose activities the Group has joint control, as established by contractual
agreement, are included in the Group\u2019s balance sheet at cost together with the Group\u2019s share of post-acquisition reserves, on a net
equity basis. Investments in subsidiaries and joint ventures are included in the Company\u2019s balance sheet at the lower of cost and
recoverable amount. Any impairment is recognised immediately in the income statement.
Non-current assets held for sale
Non-current assets are classi\ufb01ed as held for sale if their carrying value will be recovered through a sale transaction rather than
through continuing use. This condition is regarded as met if the sale is highly probable, the asset is available for immediate sale in its
present condition, being actively marketed and management is committed to the sale which should be expected to qualify for
recognition as a completed sale within one year from the date of classi\ufb01cation.
In accordance with IFRS 5, non-current assets, including related liabilities, classi\ufb01ed as held for sale are measured at the lower of
carrying value and fair value less costs of disposal.
Financial assets
(i)
Cash and cash equivalents
\u2013 Cash at bank comprises cash in hand and on-demand deposits. Cash at bank comprises short-
term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insigni\ufb01cant
risk of changes in value.
Tenant rent deposits are subject to contractual restrictions and meet the de\ufb01nition of \u2018cash and cash equivalents\u2019 under IAS 7 and
are recognised as restricted cash.
Cash collected on behalf of tenants to fund service charges of properties in the portfolio meet the de\ufb01nition of \u2018cash and cash
equivalents\u2019 under IAS 7 and are recognised as restricted cash.
(ii)
Trade receivables
\u2013 Trade receivables are recognised and carried at the original transaction value. This balance is subject to
impairment testing under IFRS 9 using the forward-looking, simpli\ufb01ed approach to the expected credit loss model.
Lease incentive receivables
In accordance with IFRS 16, rental income is recognised in the Group income statement on a straight-line basis over the term of the
lease. This includes the e\ufb00ect of lease incentives given to tenants (in the form of rent-free periods, half rent periods or capital
contributions in lieu of rent-free periods) and any contracted rental uplifts granted at lease inception. The result is included within
accrued income in the balance sheet. This balance is subject to impairment testing under IAS 36.
Financial liabilities
(i)
Bank loans and \ufb01xed rate loans
\u2013 Bank loans and \ufb01xed rate loans are included as \ufb01nancial liabilities on the balance sheets at
amortised cost. Interest payable is expensed as a \ufb01nance cost in the year to which it relates.
Where there has been a change to the terms of a debt agreement, such as the applicable interest rate or benchmark rate, this is
assessed under IFRS 9 using quantitative and qualitative assessments to determine if the debt modi\ufb01cation is considered
substantial enough to be deemed an extinguishment. It is common for loan facilities agreements to include extension options
which extend the loan maturity out by one year. When these options are exercised as per the agreement, with no changes to
other terms, this is deemed to be a modi\ufb01cation of the loan and not an extinguishment.
(ii)
Non-convertible bonds
\u2013 These are included as a \ufb01nancial liability on the balance sheet net of the unamortised discount and
costs on issue. The di\ufb00erence between this carrying value and the redemption value is recognised in the Group income statement
over the life of the bond on an e\ufb00ective interest basis. Interest payable to bond holders is expensed in the year to which it relates.
(iii)
Convertible bonds
\u2013 The fair value of the liability component of a convertible bond is determined using the market interest rate
for an equivalent non-convertible bond. This amount is recorded as a liability on an amortised cost basis until extinguished on
conversion or maturity of the bonds. The remainder of the proceeds is allocated to the conversion option. This is recognised and
included in shareholders\u2019 equity, net of income tax e\ufb00ects and is not subsequently re-measured. Issue costs are apportioned
between the liability and the equity components of the convertible bonds based on their carrying amounts at the date of issue.
The portion relating to the equity component is charged directly against equity. The issue costs apportioned to the liability are
amortised over the life of the bond. The issue costs apportioned to equity are not amortised.
(iv)
Finance lease liabilities
\u2013 Finance lease liabilities arise for those investment properties held under a leasehold interest and
accounted for as investment property. The liability is initially calculated as the present value of the minimum lease payments,
reducing in subsequent years by the apportionment of payments to the lessor, as described above under the heading for lease
payments.
(v)
Interest rate derivatives
\u2013 The Group uses derivative \ufb01nancial instruments to manage the interest rate risk associated with the
\ufb01nancing of the Group\u2019s business. No trading in \ufb01nancial instruments is undertaken.
At each reporting date, these interest rate derivatives are measured at fair value, being the estimated amount that the Group
would receive or pay to terminate the agreement at the balance sheet date, taking into account current interest rates and the
current credit rating of the counterparties. The gain or loss at each fair value remeasurement is recognised in the Group income
statement because the Group does not apply hedge accounting.
(vi)
Trade payables
\u2013 Trade payables are recognised and carried at the original transaction value.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on di\ufb00erences between the carrying amounts of assets and liabilities in
the \ufb01nancial statements and the corresponding tax bases used in the tax computations, and is accounted for using the balance sheet
liability method. Deferred tax liabilities are generally recognised for all taxable temporary di\ufb00erences and deferred tax assets are
recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary di\ufb00erences can
be utilised. In respect of the deferred tax on the revaluation surplus, this is calculated on the basis of the chargeable gains that would
crystallise on the sale of the investment portfolio as at the reporting date. The calculation takes account of available indexation on
the historical cost of the properties.
Deferred tax is calculated at the tax rates that are expected to apply in the period, based on Acts substantially enacted at the year
end, when the liability is settled or the asset is realised. Deferred tax is included in pro\ufb01t or loss for the period, except when it relates to
items recognised in other comprehensive income or directly in equity.
Cash \ufb02ow
Transactions in the cash \ufb02ow statement under operating, investing and \ufb01nancing activities have been prepared net of value added
tax in order to re\ufb02ect the true cash in\ufb02ows and out\ufb02ows of the Group.
Dividends
Dividends payable on the ordinary share capital are recognised in the year in which they are declared. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00245": { "value": "Basis of consolidation
The Group \ufb01nancial statements incorporate the \ufb01nancial statements of Derwent London plc and all of its subsidiaries, together with
the Group\u2019s share of the results of its joint ventures.
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the
Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to a\ufb00ect those returns
through its power over the entity. Subsidiaries are consolidated from the date on which control is transferred to the Group. They are no
longer consolidated from the date that control ceases.
Joint ventures are those entities over whose activities the Group has joint control, established by contractual agreement. Interests in
joint ventures are accounted for using the equity method of accounting as permitted by IFRS 11 Joint Arrangements, and following the
procedures for this method set out in IAS 28 Investments in Associates and Joint Ventures. The equity method requires the Group\u2019s
share of the joint venture\u2019s post-tax pro\ufb01t or loss for the year to be presented separately in the income statement and the Group\u2019s
share of the joint venture\u2019s net assets to be presented separately in the balance sheet.
Intra-group balances and any unrealised gains and losses arising from intra-group transactions are eliminated in preparing the
consolidated \ufb01nancial statements. Unrealised gains arising from transactions with joint ventures are eliminated to the extent of the
Group\u2019s interest in the joint venture concerned. Unrealised losses are eliminated in the same way, but only to the extent that there is
no evidence of impairment.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00246": { "value": "Gross property income
Gross property income arises from two main sources:
(i)
Rental income
\u2013 This arises from operating leases granted to tenants. An operating lease is a lease other than a \ufb01nance lease. A
\ufb01nance lease is one whereby substantially all the risks and rewards of ownership are passed to the lessee.
Rental income is recognised in the Group income statement on a straight-line basis over the term of the lease in accordance with
IFRS 16 Leases. This includes the e\ufb00ect of lease incentives given to tenants, which are normally in the form of rent-free or half rent
periods or capital contributions in lieu of rent-free periods, and the e\ufb00ect of contracted rent uplifts and payments received from
tenants on the grant of leases. Where the total consideration due under a lease is modi\ufb01ed, the revised total amount due under
the lease is recognised on a straight-line basis over the remaining term of the lease. Where rent demanded is forgiven for periods
that have passed, these amounts are assessed under IFRS 9 and written o\ufb00. Where rent is forgiven for future periods, this is
considered a lease modi\ufb01cation and spread on a straight-line basis over the remaining lease term in accordance with IFRS 16.
For income from property leased out under a \ufb01nance lease, a lease receivable asset is recognised in the balance sheet at an
amount equal to the net investment in the lease, as de\ufb01ned in IFRS 16 Leases. Minimum lease payments receivable, again de\ufb01ned
in IFRS 16, are apportioned between \ufb01nance income and the reduction of the outstanding lease receivable so as to produce a
constant periodic rate of return on the remaining net investment in the lease. Contingent rents, being the di\ufb00erence between the
rent currently receivable and the minimum lease payments when the net investment in the lease was originally calculated, are
recognised in property income in the years in which they are receivable.
(ii)
Surrender premiums
\u2013 Payments received from tenants to surrender their lease obligations are recognised immediately in the
Group income statement. In circumstances where surrender payments received relate to speci\ufb01c periods, they are deferred and
recognised in those periods.
Other income
Other income consists of commissions, fees charged to tenants for the management of certain Group properties, administration
services provided to joint ventures and customer services. Other income is recognised in the Group income statement in accordance
with the delivery of services as required by IFRS 15 Revenue from Contracts with Customers.
Service charges
Service charge income relates to expenditure that is directly recoverable from tenants, excluding management fees which are
included in \u2018other income\u2019. Service charge income is recognised as revenue in the period to which it relates as required by IFRS 15
Revenue from Contracts with Customers. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00247": { "value": "Other income
Other income consists of commissions, fees charged to tenants for the management of certain Group properties, administration
services provided to joint ventures and customer services. Other income is recognised in the Group income statement in accordance
with the delivery of services as required by IFRS 15 Revenue from Contracts with Customers.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00248": { "value": "Expenses
(i)
Lease payments
\u2013 For leasehold investment properties held, a right of use asset is recognised at commencement date of the lease
within the investment property carrying value. The initial cost includes the lease liabilities recognised, initial direct costs incurred
and any lease payments made at commencement adjusted for any lease incentives received. In addition, a corresponding lease
liability is also included on the balance sheet. Minimum lease payments are apportioned between the \ufb01nance charge and the
reduction of the outstanding liability so as to produce a constant periodic rate of interest on the remaining lease liability.
(ii)
Dilapidations
\u2013 Dilapidation monies received from tenants in respect of their lease obligations are recognised immediately in the
Group income statement, unless they relate to future capital expenditure. In the latter case, where the costs are considered to be
recoverable they are capitalised as part of the carrying value of the property.
(iii)
Reverse surrender premiums
\u2013 Payments made to tenants to surrender their lease obligations are charged directly to the Group
income statement unless the payment is to enable the probable redevelopment of a property. In the latter case, where the costs
are considered to be recoverable, they are capitalised as part of the carrying value of the property.
(iv)
Other property expenditure
\u2013 Vacant property costs and other property costs are expensed in the year to which they relate,
with the exception of the initial direct costs incurred in negotiating and arranging leases which are, in accordance with IFRS 16
Leases, added to the carrying value of the relevant property and recognised as an expense over the lease term on the same basis
as the lease income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00249": { "value": "(i)
Lease payments
\u2013 For leasehold investment properties held, a right of use asset is recognised at commencement date of the lease
within the investment property carrying value. The initial cost includes the lease liabilities recognised, initial direct costs incurred
and any lease payments made at commencement adjusted for any lease incentives received. In addition, a corresponding lease
liability is also included on the balance sheet. Minimum lease payments are apportioned between the \ufb01nance charge and the
reduction of the outstanding liability so as to produce a constant periodic rate of interest on the remaining lease liability.Lease incentive receivables
In accordance with IFRS 16, rental income is recognised in the Group income statement on a straight-line basis over the term of the
lease. This includes the e\ufb00ect of lease incentives given to tenants (in the form of rent-free periods, half rent periods or capital
contributions in lieu of rent-free periods) and any contracted rental uplifts granted at lease inception. The result is included within
accrued income in the balance sheet. This balance is subject to impairment testing under IAS 36.(iv)
Finance lease liabilities
\u2013 Finance lease liabilities arise for those investment properties held under a leasehold interest and
accounted for as investment property. The liability is initially calculated as the present value of the minimum lease payments,
reducing in subsequent years by the apportionment of payments to the lessor, as described above under the heading for lease
payments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00250": { "value": "Employee bene\ufb01ts
(i) Share-based remuneration
Equity-settled
\u2013 The Company operates a long-term incentive plan and share option scheme. The fair value of the conditional
awards of shares granted under the long-term incentive plan and the options granted under the share option scheme are
determined at the date of grant. This fair value is then expensed on a straight-line basis over the vesting period, based on an
estimate of the number of shares that will eventually vest. At each reporting date, the non-market based performance criteria of
the long-term incentive plan are reconsidered and the expense is revised as necessary. In respect of the share option scheme, the
fair value of the options granted is calculated using a binomial lattice pricing model.
(ii) Pensions
(a)
De\ufb01ned contribution plans
\u2013 Obligations for contributions to de\ufb01ned contribution pension plans are recognised as an
expense in the Group income statement in the period to which they relate.
(b)
De\ufb01ned bene\ufb01t plans
\u2013 The Group\u2019s net obligation in respect of de\ufb01ned bene\ufb01t post-employment plans, including pension
plans, is calculated separately for each plan by estimating the amount of future bene\ufb01t that employees have earned in
return for their service in the current and prior periods. That bene\ufb01t is discounted to determine its present value, and the fair
value of any plan assets is deducted. The discount rate is the yield at the balance sheet date on AA credit rated bonds that
have maturity dates approximating the terms of the Group\u2019s obligations. The calculation is performed by a quali\ufb01ed actuary
using the projected unit credit method. Any actuarial gain or loss in the period is recognised in full in the Group statement of
comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00251": { "value": "(i) Share-based remuneration
Equity-settled
\u2013 The Company operates a long-term incentive plan and share option scheme. The fair value of the conditional
awards of shares granted under the long-term incentive plan and the options granted under the share option scheme are
determined at the date of grant. This fair value is then expensed on a straight-line basis over the vesting period, based on an
estimate of the number of shares that will eventually vest. At each reporting date, the non-market based performance criteria of
the long-term incentive plan are reconsidered and the expense is revised as necessary. In respect of the share option scheme, the
fair value of the options granted is calculated using a binomial lattice pricing model. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00262": { "value": "Business combinations
Business combinations are accounted for under the acquisition method. Any excess of the purchase price of business combinations
over the fair value of the assets, liabilities and contingent liabilities acquired and resulting deferred tax thereon is recognised as
goodwill. Any discount is credited to the Group income statement in the period of acquisition. Goodwill is recognised as an asset and
reviewed for impairment. Any impairment is recognised immediately in the Group income statement and is not subsequently reversed.
Any residual goodwill is reviewed annually for impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00263": { "value": "Business combinations
Business combinations are accounted for under the acquisition method. Any excess of the purchase price of business combinations
over the fair value of the assets, liabilities and contingent liabilities acquired and resulting deferred tax thereon is recognised as
goodwill. Any discount is credited to the Group income statement in the period of acquisition. Goodwill is recognised as an asset and
reviewed for impairment. Any impairment is recognised immediately in the Group income statement and is not subsequently reversed.
Any residual goodwill is reviewed annually for impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00280": { "value": "Business combinations
Business combinations are accounted for under the acquisition method. Any excess of the purchase price of business combinations
over the fair value of the assets, liabilities and contingent liabilities acquired and resulting deferred tax thereon is recognised as
goodwill. Any discount is credited to the Group income statement in the period of acquisition. Goodwill is recognised as an asset and
reviewed for impairment. Any impairment is recognised immediately in the Group income statement and is not subsequently reversed.
Any residual goodwill is reviewed annually for impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00281": { "value": "Investment property
(i)
Valuation
\u2013 Investment properties are those that are held either to earn rental income or for capital appreciation or both,
including those that are undergoing redevelopment. Investment properties are measured initially at cost, including related
transaction costs. After initial recognition, they are carried in the Group balance sheet at fair value adjusted for the carrying value
of leasehold interests and lease incentive and letting cost receivables. Fair value is the price that would be received to sell an
investment property in an orderly transaction between market participants at the measurement date. The valuation is
undertaken by independent valuers who hold recognised and relevant professional quali\ufb01cations and have recent experience in
the locations and categories of properties being valued.
Surpluses or de\ufb01cits resulting from changes in the fair value of investment property are reported in the Group income statement
in the year in which they arise.
The Group leases out investment properties under operating leases with rents generally payable monthly or quarterly. The Group
is exposed to changes in the residual value of properties at the end of current lease agreements, and mitigates this risk by actively
managing its tenant mix in order to maximise the weighted average lease term, minimise vacancies across the portfolio and
maximise exposure to tenants with strong \ufb01nancial characteristics. The Group also grants lease incentives to encourage high
quality tenants to remain in properties for longer lease terms.
(ii)
Capital expenditure
\u2013 Capital expenditure, being costs directly attributable to the redevelopment or refurbishment of an
investment property, up to the point of it being completed for its intended use, are capitalised in the carrying value of that
property. In addition, in accordance with IAS 23 Borrowing Costs, \ufb01nance costs that are directly attributable to such expenditure
are capitalised using the Group\u2019s average cost of borrowings during each quarter.
Certain internal sta\ufb00 and associated costs directly attributable to the major development and refurbishment schemes are also
capitalised based on the proportion of time spent on the relevant scheme. These costs are capitalised from the date the Group
determines it is probable that the development will progress until the date of practical completion.
(iii)
Disposal
\u2013 Properties are treated as disposed when the Group transfers the signi\ufb01cant risks and rewards of ownership to the
buyer. Generally this would occur on completion of contract. On disposal, any gain or loss is calculated as the di\ufb00erence between
the net disposal proceeds and the carrying value at the last year end plus subsequent capitalised expenditure during the year.
Where the net disposal proceeds have yet to be \ufb01nalised at the balance sheet date, the proceeds recognised re\ufb02ect the Directors\u2019
best estimate of the amounts expected to be received. Any contingent consideration is recognised at fair value at the balance
sheet date. The fair value is calculated using future discounted cash \ufb02ows based on expected outcomes with estimated
probabilities taking account of the risk and uncertainty of each input.
(iv)
Development
\u2013 When the Group begins to redevelop an existing investment property for continued use as an investment
property or acquires a property with the subsequent intention of developing as an investment property, the property is classi\ufb01ed
as an investment property and is accounted for as such. When the Group begins to redevelop an existing investment property
with a view to sale, the property is transferred to trading properties and held as a current asset. The property is remeasured to fair
value as at the date of transfer with any gain or loss being taken to the income statement. The remeasured amount becomes the
deemed cost at which the property is then carried in trading properties. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00282": { "value": "(ii)
Capital expenditure
\u2013 Capital expenditure, being costs directly attributable to the redevelopment or refurbishment of an
investment property, up to the point of it being completed for its intended use, are capitalised in the carrying value of that
property. In addition, in accordance with IAS 23 Borrowing Costs, \ufb01nance costs that are directly attributable to such expenditure
are capitalised using the Group\u2019s average cost of borrowings during each quarter.
Certain internal sta\ufb00 and associated costs directly attributable to the major development and refurbishment schemes are also
capitalised based on the proportion of time spent on the relevant scheme. These costs are capitalised from the date the Group
determines it is probable that the development will progress until the date of practical completion.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00283": { "value": "Trading property and trading stock
Trading property relates to property being developed for sale. Trading stock relates to development expenditure which is due to be
disposed of to third parties under development agreements. In accordance with IAS 2 Inventories, trading property and trading stock
are held at the lower of cost and net realisable value. Proceeds from sale are recognised in the Group\u2019s income statement when title
has been transferred to the purchaser as required by IFRS 15 Revenue from Contracts with Customers. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00284": { "value": "Property, plant and equipment
(i)
Owner-occupied property
\u2013 Owner-occupied property is stated at its revalued amount, which is determined in the same
manner as investment property. It is depreciated over its remaining useful life (40 years) with the depreciation included in
administrative expenses. On revaluation, any accumulated depreciation is eliminated against the gross carrying amount of the
property concerned, and the net amount restated to the revalued amount. Subsequent depreciation charges are adjusted based
on the revalued amount for each property. Any di\ufb00erence between the depreciation charge on the revalued amount and that
which would have been charged under historic cost is transferred, net of any related deferred tax, between the revaluation
reserve and retained earnings as the property is utilised. Surpluses or de\ufb01cits resulting from changes in the fair value are reported
in the Group statement of comprehensive income. The land element of the property is not depreciated.
(ii)
Solar park
\u2013 The Solar park is carried at cost, including directly attributable construction and development expenditure. As the
asset is not yet ready for use, no depreciation is charged.
(iii)
Other
\u2013 Plant and equipment is depreciated at a rate of between 10% and 25% per annum which is calculated to write o\ufb00 the
cost, less estimated residual value of the individual assets, over their expected useful lives. Artwork is stated at revalued amounts
on the basis of open market value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "value": "Property, plant and equipment
(i)
Owner-occupied property
\u2013 Owner-occupied property is stated at its revalued amount, which is determined in the same
manner as investment property. It is depreciated over its remaining useful life (40 years) with the depreciation included in
administrative expenses. On revaluation, any accumulated depreciation is eliminated against the gross carrying amount of the
property concerned, and the net amount restated to the revalued amount. Subsequent depreciation charges are adjusted based
on the revalued amount for each property. Any di\ufb00erence between the depreciation charge on the revalued amount and that
which would have been charged under historic cost is transferred, net of any related deferred tax, between the revaluation
reserve and retained earnings as the property is utilised. Surpluses or de\ufb01cits resulting from changes in the fair value are reported
in the Group statement of comprehensive income. The land element of the property is not depreciated.
(ii)
Solar park
\u2013 The Solar park is carried at cost, including directly attributable construction and development expenditure. As the
asset is not yet ready for use, no depreciation is charged.
(iii)
Other
\u2013 Plant and equipment is depreciated at a rate of between 10% and 25% per annum which is calculated to write o\ufb00 the
cost, less estimated residual value of the individual assets, over their expected useful lives. Artwork is stated at revalued amounts
on the basis of open market value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00286": { "value": "Investments
Investments in joint ventures, being those entities over whose activities the Group has joint control, as established by contractual
agreement, are included in the Group\u2019s balance sheet at cost together with the Group\u2019s share of post-acquisition reserves, on a net
equity basis. Investments in subsidiaries and joint ventures are included in the Company\u2019s balance sheet at the lower of cost and
recoverable amount. Any impairment is recognised immediately in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "Investments
Investments in joint ventures, being those entities over whose activities the Group has joint control, as established by contractual
agreement, are included in the Group\u2019s balance sheet at cost together with the Group\u2019s share of post-acquisition reserves, on a net
equity basis. Investments in subsidiaries and joint ventures are included in the Company\u2019s balance sheet at the lower of cost and
recoverable amount. Any impairment is recognised immediately in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "Non-current assets held for sale
Non-current assets are classi\ufb01ed as held for sale if their carrying value will be recovered through a sale transaction rather than
through continuing use. This condition is regarded as met if the sale is highly probable, the asset is available for immediate sale in its
present condition, being actively marketed and management is committed to the sale which should be expected to qualify for
recognition as a completed sale within one year from the date of classi\ufb01cation.
In accordance with IFRS 5, non-current assets, including related liabilities, classi\ufb01ed as held for sale are measured at the lower of
carrying value and fair value less costs of disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "Financial assets
(i)
Cash and cash equivalents
\u2013 Cash at bank comprises cash in hand and on-demand deposits. Cash at bank comprises short-
term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insigni\ufb01cant
risk of changes in value.
Tenant rent deposits are subject to contractual restrictions and meet the de\ufb01nition of \u2018cash and cash equivalents\u2019 under IAS 7 and
are recognised as restricted cash.
Cash collected on behalf of tenants to fund service charges of properties in the portfolio meet the de\ufb01nition of \u2018cash and cash
equivalents\u2019 under IAS 7 and are recognised as restricted cash.
(ii)
Trade receivables
\u2013 Trade receivables are recognised and carried at the original transaction value. This balance is subject to
impairment testing under IFRS 9 using the forward-looking, simpli\ufb01ed approach to the expected credit loss model.
Lease incentive receivables
In accordance with IFRS 16, rental income is recognised in the Group income statement on a straight-line basis over the term of the
lease. This includes the e\ufb00ect of lease incentives given to tenants (in the form of rent-free periods, half rent periods or capital
contributions in lieu of rent-free periods) and any contracted rental uplifts granted at lease inception. The result is included within
accrued income in the balance sheet. This balance is subject to impairment testing under IAS 36.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "Financial assets
(i)
Cash and cash equivalents
\u2013 Cash at bank comprises cash in hand and on-demand deposits. Cash at bank comprises short-
term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insigni\ufb01cant
risk of changes in value.
Tenant rent deposits are subject to contractual restrictions and meet the de\ufb01nition of \u2018cash and cash equivalents\u2019 under IAS 7 and
are recognised as restricted cash.
Cash collected on behalf of tenants to fund service charges of properties in the portfolio meet the de\ufb01nition of \u2018cash and cash
equivalents\u2019 under IAS 7 and are recognised as restricted cash.
(ii)
Trade receivables
\u2013 Trade receivables are recognised and carried at the original transaction value. This balance is subject to
impairment testing under IFRS 9 using the forward-looking, simpli\ufb01ed approach to the expected credit loss model.Financial liabilities
(i)
Bank loans and \ufb01xed rate loans
\u2013 Bank loans and \ufb01xed rate loans are included as \ufb01nancial liabilities on the balance sheets at
amortised cost. Interest payable is expensed as a \ufb01nance cost in the year to which it relates.
Where there has been a change to the terms of a debt agreement, such as the applicable interest rate or benchmark rate, this is
assessed under IFRS 9 using quantitative and qualitative assessments to determine if the debt modi\ufb01cation is considered
substantial enough to be deemed an extinguishment. It is common for loan facilities agreements to include extension options
which extend the loan maturity out by one year. When these options are exercised as per the agreement, with no changes to
other terms, this is deemed to be a modi\ufb01cation of the loan and not an extinguishment.
(ii)
Non-convertible bonds
\u2013 These are included as a \ufb01nancial liability on the balance sheet net of the unamortised discount and
costs on issue. The di\ufb00erence between this carrying value and the redemption value is recognised in the Group income statement
over the life of the bond on an e\ufb00ective interest basis. Interest payable to bond holders is expensed in the year to which it relates.
(iii)
Convertible bonds
\u2013 The fair value of the liability component of a convertible bond is determined using the market interest rate
for an equivalent non-convertible bond. This amount is recorded as a liability on an amortised cost basis until extinguished on
conversion or maturity of the bonds. The remainder of the proceeds is allocated to the conversion option. This is recognised and
included in shareholders\u2019 equity, net of income tax e\ufb00ects and is not subsequently re-measured. Issue costs are apportioned
between the liability and the equity components of the convertible bonds based on their carrying amounts at the date of issue.
The portion relating to the equity component is charged directly against equity. The issue costs apportioned to the liability are
amortised over the life of the bond. The issue costs apportioned to equity are not amortised.
(iv)
Finance lease liabilities
\u2013 Finance lease liabilities arise for those investment properties held under a leasehold interest and
accounted for as investment property. The liability is initially calculated as the present value of the minimum lease payments,
reducing in subsequent years by the apportionment of payments to the lessor, as described above under the heading for lease
payments.
(v)
Interest rate derivatives
\u2013 The Group uses derivative \ufb01nancial instruments to manage the interest rate risk associated with the
\ufb01nancing of the Group\u2019s business. No trading in \ufb01nancial instruments is undertaken.
At each reporting date, these interest rate derivatives are measured at fair value, being the estimated amount that the Group
would receive or pay to terminate the agreement at the balance sheet date, taking into account current interest rates and the
current credit rating of the counterparties. The gain or loss at each fair value remeasurement is recognised in the Group income
statement because the Group does not apply hedge accounting.
(vi)
Trade payables
\u2013 Trade payables are recognised and carried at the original transaction value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "value": "(i)
Cash and cash equivalents
\u2013 Cash at bank comprises cash in hand and on-demand deposits. Cash at bank comprises short-
term, highly liquid investments that are readily convertible to known amounts of cash and which are subject to an insigni\ufb01cant
risk of changes in value.
Tenant rent deposits are subject to contractual restrictions and meet the de\ufb01nition of \u2018cash and cash equivalents\u2019 under IAS 7 and
are recognised as restricted cash.
Cash collected on behalf of tenants to fund service charges of properties in the portfolio meet the de\ufb01nition of \u2018cash and cash
equivalents\u2019 under IAS 7 and are recognised as restricted cash. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00294": { "value": "Tenant rent deposits are subject to contractual restrictions and meet the de\ufb01nition of \u2018cash and cash equivalents\u2019 under IAS 7 and
are recognised as restricted cash.
Cash collected on behalf of tenants to fund service charges of properties in the portfolio meet the de\ufb01nition of \u2018cash and cash
equivalents\u2019 under IAS 7 and are recognised as restricted cash. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00295": { "value": "(ii)
Trade receivables
\u2013 Trade receivables are recognised and carried at the original transaction value. This balance is subject to
impairment testing under IFRS 9 using the forward-looking, simpli\ufb01ed approach to the expected credit loss model.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00296": { "value": "Financial liabilities
(i)
Bank loans and \ufb01xed rate loans
\u2013 Bank loans and \ufb01xed rate loans are included as \ufb01nancial liabilities on the balance sheets at
amortised cost. Interest payable is expensed as a \ufb01nance cost in the year to which it relates.
Where there has been a change to the terms of a debt agreement, such as the applicable interest rate or benchmark rate, this is
assessed under IFRS 9 using quantitative and qualitative assessments to determine if the debt modi\ufb01cation is considered
substantial enough to be deemed an extinguishment. It is common for loan facilities agreements to include extension options
which extend the loan maturity out by one year. When these options are exercised as per the agreement, with no changes to
other terms, this is deemed to be a modi\ufb01cation of the loan and not an extinguishment.
(ii)
Non-convertible bonds
\u2013 These are included as a \ufb01nancial liability on the balance sheet net of the unamortised discount and
costs on issue. The di\ufb00erence between this carrying value and the redemption value is recognised in the Group income statement
over the life of the bond on an e\ufb00ective interest basis. Interest payable to bond holders is expensed in the year to which it relates.
(iii)
Convertible bonds
\u2013 The fair value of the liability component of a convertible bond is determined using the market interest rate
for an equivalent non-convertible bond. This amount is recorded as a liability on an amortised cost basis until extinguished on
conversion or maturity of the bonds. The remainder of the proceeds is allocated to the conversion option. This is recognised and
included in shareholders\u2019 equity, net of income tax e\ufb00ects and is not subsequently re-measured. Issue costs are apportioned
between the liability and the equity components of the convertible bonds based on their carrying amounts at the date of issue.
The portion relating to the equity component is charged directly against equity. The issue costs apportioned to the liability are
amortised over the life of the bond. The issue costs apportioned to equity are not amortised.
(iv)
Finance lease liabilities
\u2013 Finance lease liabilities arise for those investment properties held under a leasehold interest and
accounted for as investment property. The liability is initially calculated as the present value of the minimum lease payments,
reducing in subsequent years by the apportionment of payments to the lessor, as described above under the heading for lease
payments.
(v)
Interest rate derivatives
\u2013 The Group uses derivative \ufb01nancial instruments to manage the interest rate risk associated with the
\ufb01nancing of the Group\u2019s business. No trading in \ufb01nancial instruments is undertaken.
At each reporting date, these interest rate derivatives are measured at fair value, being the estimated amount that the Group
would receive or pay to terminate the agreement at the balance sheet date, taking into account current interest rates and the
current credit rating of the counterparties. The gain or loss at each fair value remeasurement is recognised in the Group income
statement because the Group does not apply hedge accounting.
(vi)
Trade payables
\u2013 Trade payables are recognised and carried at the original transaction value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "(i)
Bank loans and \ufb01xed rate loans
\u2013 Bank loans and \ufb01xed rate loans are included as \ufb01nancial liabilities on the balance sheets at
amortised cost. Interest payable is expensed as a \ufb01nance cost in the year to which it relates.
Where there has been a change to the terms of a debt agreement, such as the applicable interest rate or benchmark rate, this is
assessed under IFRS 9 using quantitative and qualitative assessments to determine if the debt modi\ufb01cation is considered
substantial enough to be deemed an extinguishment. It is common for loan facilities agreements to include extension options
which extend the loan maturity out by one year. When these options are exercised as per the agreement, with no changes to
other terms, this is deemed to be a modi\ufb01cation of the loan and not an extinguishment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "(v)
Interest rate derivatives
\u2013 The Group uses derivative \ufb01nancial instruments to manage the interest rate risk associated with the
\ufb01nancing of the Group\u2019s business. No trading in \ufb01nancial instruments is undertaken.
At each reporting date, these interest rate derivatives are measured at fair value, being the estimated amount that the Group
would receive or pay to terminate the agreement at the balance sheet date, taking into account current interest rates and the
current credit rating of the counterparties. The gain or loss at each fair value remeasurement is recognised in the Group income
statement because the Group does not apply hedge accounting.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00298": { "value": "(v)
Interest rate derivatives
\u2013 The Group uses derivative \ufb01nancial instruments to manage the interest rate risk associated with the
\ufb01nancing of the Group\u2019s business. No trading in \ufb01nancial instruments is undertaken.
At each reporting date, these interest rate derivatives are measured at fair value, being the estimated amount that the Group
would receive or pay to terminate the agreement at the balance sheet date, taking into account current interest rates and the
current credit rating of the counterparties. The gain or loss at each fair value remeasurement is recognised in the Group income
statement because the Group does not apply hedge accounting.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "(v)
Interest rate derivatives
\u2013 The Group uses derivative \ufb01nancial instruments to manage the interest rate risk associated with the
\ufb01nancing of the Group\u2019s business. No trading in \ufb01nancial instruments is undertaken.
At each reporting date, these interest rate derivatives are measured at fair value, being the estimated amount that the Group
would receive or pay to terminate the agreement at the balance sheet date, taking into account current interest rates and the
current credit rating of the counterparties. The gain or loss at each fair value remeasurement is recognised in the Group income
statement because the Group does not apply hedge accounting.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "value": "(vi)
Trade payables
\u2013 Trade payables are recognised and carried at the original transaction value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "value": "Deferred tax
Deferred tax is the tax expected to be payable or recoverable on di\ufb00erences between the carrying amounts of assets and liabilities in
the \ufb01nancial statements and the corresponding tax bases used in the tax computations, and is accounted for using the balance sheet
liability method. Deferred tax liabilities are generally recognised for all taxable temporary di\ufb00erences and deferred tax assets are
recognised to the extent that it is probable that taxable pro\ufb01ts will be available against which deductible temporary di\ufb00erences can
be utilised. In respect of the deferred tax on the revaluation surplus, this is calculated on the basis of the chargeable gains that would
crystallise on the sale of the investment portfolio as at the reporting date. The calculation takes account of available indexation on
the historical cost of the properties.
Deferred tax is calculated at the tax rates that are expected to apply in the period, based on Acts substantially enacted at the year
end, when the liability is settled or the asset is realised. Deferred tax is included in pro\ufb01t or loss for the period, except when it relates to
items recognised in other comprehensive income or directly in equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00303": { "value": "Cash \ufb02ow
Transactions in the cash \ufb02ow statement under operating, investing and \ufb01nancing activities have been prepared net of value added
tax in order to re\ufb02ect the true cash in\ufb02ows and out\ufb02ows of the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00320": { "value": "Dividends Dividends payable on the ordinary share capital are recognised in the year in which they are declared. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00171": { "value": "Company balance sheet
as at 31 December 2025
Registered No. 1819699
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0
2025
2024
\u00a0
Note
\u00a3m
\u00a3m
Non-current assets
\u00a0 \u00a0 \u00a0
Property, plant and equipment
\u00a0
15.2
17.1
Investments
vi
2,621.4
2,578.3
Receivables: amounts falling due after more than one year
vii
2,093.3
1,920.4
Deferred tax
x
0.7
0.8
Pension scheme surplus
v
1.8
1.8
\u00a0 \u00a0
4,732.4
4,518.4
Current assets
\u00a0 \u00a0 \u00a0
Receivables: amounts falling due within one year
vii
29.8
33.4
Derivative \ufb01nancial instruments
ix
\u2013
0.6
Corporation tax asset
\u00a0
0.6
0.3
Cash and cash equivalents
\u00a0
84.5
20.7
\u00a0 \u00a0
114.9
55.0
Total assets
\u00a0
4,847.3
4,573.4
Current liabilities
\u00a0 \u00a0 \u00a0
Borrowings
ix
55.0
174.1
Leasehold liabilities
ix
1.4
1.3
Payables: amounts falling due within one year
viii
1,756.1
1,615.5
Provisions
\u00a0
0.1
0.2
\u00a0 \u00a0
1,812.6
1,791.1
Non-current liabilities
\u00a0 \u00a0 \u00a0
Borrowings
ix
1,255.0
1,091.3
Leasehold liabilities
ix
17.5
19.0
Provisions
\u00a0
0.4
0.4
\u00a0 \u00a0
1,272.9
1,110.7
Total liabilities
\u00a0
3,085.5
2,901.8
Total net assets
\u00a0
1,761.8
1,671.6
Equity
\u00a0 \u00a0 \u00a0
Share capital
xi
5.6
5.6
Share premium
\u00a0
196.6
196.6
Other reserves
\u00a0
928.5
927.8
Retained earnings
\u00a0
631.1
541.6
Total equity
\u00a0
1,761.8
1,671.6
The \ufb01nancial statements were approved by the Board of Directors and authorised for issue on 25 February 2026.
Paul Williams
Damian Wisniewski
Chief Executive
Chief Financial O\ufb03cer
The notes on pages 278 to 283 form part of these \ufb01nancial statements.
\n \n
Share
Share
Other
Retained
Total
capital
premium
reserves
earnings
equity
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 1 January 2025
5.6
196.6
927.8
541.6
1,671.6
Pro\ufb01t for the year
\u2013
\u2013
\u2013
179.2
179.2
Share-based payments
\u2013
\u2013
0.7
1.2
1.9
Dividends paid
\u2013
\u2013
\u2013
(90.9)
(90.9)
At 31 December 2025
5.6
196.6
928.5
631.1
1,761.8
At 1 January 2024
5.6
196.6
926.2
304.1
1,432.5
Pro\ufb01t for the year
\u2013
\u2013
\u2013
326.3
326.3
Other comprehensive expense
\u2013
\u2013
\u2013
(0.4)
(0.4)
Share-based payments
\u2013
\u2013
1.6
1.4
3.0
Dividends paid
\u2013
\u2013
\u2013
(89.8)
(89.8)
At 31 December 2024
5.6
196.6
927.8
541.6
1,671.6
\n
Company statement of changes in equity
\n
for the year ended 31 December 2025
i\u2002Basis of preparation
\n
Derwent London plc is a public limited company, limited by shares, incorporated, domiciled and registered in England in the United
\n
Kingdom under the Companies Act. The address of the registered o\ufb03ce is given on the back cover.
\n
Consolidated \ufb01nancial statements are on pages 226 to 230.
\n
The Company has prepared its \ufb01nancial statements in accordance with Financial Reporting Standard 101 \u2018Reduced Disclosure
\n
Framework\u2019 (FRS 101). The \ufb01nancial statements have been prepared on a going concern basis under the historical cost convention,
\n
except for the revaluation of derivatives which are measured at fair value. The Company has applied the recognition, measurement,
\n
and presentation requirements of UK-adopted International Accounting Standards in conformity with the requirements of the
\n
Companies Act 2006.
\n
As permitted by FRS 101, the exemptions that have been applied in preparation of these \ufb01nancial statements are as follows:
\n
\ue001
A cash \ufb02ow statement and related notes have not been presented in line with IAS 7 Statement of Cash Flows.
\n
\ue001
Disclosures in respect of new standards and interpretations that have been issued but which are not yet e\ufb00ective have not been
\n
provided, in line with paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors.
\n
\ue001
Disclosures in respect of transactions with wholly-owned subsidiaries have not been made in line with IAS 24 Related Party
\n
Disclosures.
\n
\ue001
Disclosures required by paragraphs 91 to 99 of IFRS 13 Fair Value Measurement and the disclosures required by IFRS 7 Financial
\n
Instruments: Disclosures have not been made.
\n
\ue001
Paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based payment (details of the number and weighted average exercise prices of
\n
share options, and how the fair value of goods or services received was determined), have not been presented.
\n
\ue001
Disclosures under paragraphs 17 and 18A of IAS 24 Related Party Disclosures to disclose key management personnel compensation
\n
have not been presented.
\n
\ue001
The requirements of paragraphs 10(f); 40A to 40D; and 134 to 136 of IAS 1 Presentation of Financial Statements are no longer
\n
required.
\n
Going concern
\n
The Company balance sheet shows a net current liability position of \u00a31,697.7m, primarily as a result of amounts owed to subsidiaries of
\n
\u00a31,733.4m being classi\ufb01ed as current liabilities. The subsidiaries are all under common control in the Group, and the balances are not
\n
due to external counterparties. Although they are repayable on demand, there is no intention or expectation for them to be called or
\n
repaid within the next 12 months. The net current liability position also results from the \u00a355m of debt facilities that reach maturity
\n
within the next 12 months. As at 31 December 2025, the Company had access to \u00a3627m of available undrawn facilities and cash to
\n
meet current liabilities as they fall due. Additionally, in January 2026, the Company\u2019s \u00a382.5m unsecured term loan, originally due to
\n
mature in February 2027, was extended by one year to February 2028. This provides the Directors with a reasonable expectation that
\n
the Company will be able to meet these current liabilities as they fall due.
\n
Having due regard to these matters and after making appropriate enquiries, the Directors have a reasonable expectation that the
\n
Company has adequate resources to continue in operational existence for a period of at least 12 months from the date of signing of
\n
these \ufb01nancial statements and, therefore, the Directors continue to adopt the going concern basis in their preparation.
\n
ii\u2002Accounting policies
\n
The principal accounting policies are described in the Group\u2019s note 40 and are consistent with those applied in the Company\u2019s \ufb01nancial
\n
statements for the year ended 31 December 2024, as amended to re\ufb02ect the adoption of new standards, amendments and
\n
interpretations which became e\ufb00ective in the year as shown below.
\n
New standards adopted during the year
\n
The following standards, amendments and interpretations were e\ufb00ective for the \ufb01rst time for the Company\u2019s current accounting
\n
period. They did not have any material impact on the amounts recognised in prior periods and are not expected to signi\ufb01cantly a\ufb00ect
\n
the current or future periods.
\n
IAS 21 (amended) \u2013 Lack of Exchangeability.
iii\u2002Pro\ufb01t for the year attributable to members of Derwent London plc
\n
Company retained earnings includes a pro\ufb01t of \u00a3179.2m (2024: \u00a3326.3m) for the year. The Company has taken advantage of the
\n
exemption allowed under section 408 of the Companies Act 2006 and has not presented its own income statement in these \ufb01nancial
\n
statements. The employees of the Company include the Directors and the Company Secretary. Full disclosure of the Directors\u2019
\n
remuneration can be found on pages 172 to 209.
\n
iv\u2002Employees
\n
Employee costs for the year include wages and salaries of \u00a319.6m (2024: \u00a320.5m), social security costs of \u00a33.2m (2024: \u00a33.1m), pension
\n
costs of \u00a32.8m (2024: \u00a32.7m) and share-based payment expenses relating to equity-settled schemes of \u00a32.0m (2024: \u00a33.1m). Details of
\n
the Executive Directors\u2019 remuneration are disclosed in the Directors\u2019 remuneration report on pages 172 to 209.
\n
The monthly average number of employees in the Company during the year, excluding Directors, was 154 (2024: 146).
\n
v\u2002Pension
\n
The Company operates both a de\ufb01ned contribution scheme and a de\ufb01ned bene\ufb01t scheme and details are set out in note 13 of the
\n
consolidated \ufb01nancial statements.
\n
vi\u2002Investments
\n\n \n
Subsidiaries
\u00a3m
At 1 January 2024
2,189.8
Additions
390.0
Repayment of capital
(2.0)
Reversal of impairment
1
28.0
Impairment
1
(27.5)
At 31 December 2024
2,578.3
Additions
10.1
Disposals
(0.1)
Reversal of impairment
40.8
Impairment
(7.7)
At 31 December 2025
2,621.4
\n
1
The numbers have been re-presented to be consistent with the current year presentation. This had no impact on the total for 31 December 2024.
\n
At 31 December 2025, the carrying values of the investment in wholly owned subsidiaries were reviewed in accordance with IAS 36
\n
Impairment of Assets on both a \u2018value in use\u2019 and \u2018fair value less costs to sell\u2019 basis. The Company\u2019s accounting policy is to carry
\n
investments in subsidiary undertakings at the lower of cost and recoverable amount and recognise any impairment, or reversal
\n
thereof, in the income statement. As a result, the Company recognised a net impairment reversal of \u00a333.1m (2024: net impairment
\n
reversal of \u00a30.5m). This was due to property revaluation surpluses charged to the income statement in a number of the property
\n
investment subsidiaries held directly or indirectly by the Company. Investment properties are held by the property investment
\n
subsidiaries with any surpluses or de\ufb01cits on revaluation being reported in the income statement of those subsidiaries. The Group uses
\n
the valuation carried out by external valuers as the fair value of its property portfolio. See note 3 of the consolidated \ufb01nancial
\n
statements for further details.
vii\u2002Receivables
\n\n \n
2025
2024
\u00a3m
\u00a3m
Amounts falling due within one year:
Other receivables
1.0
3.7
Prepayments
5.6
4.1
Accrued income
Other
23.2
25.6
29.8
33.4
\n\n \n
2025
2024
\u00a3m
\u00a3m
Amounts falling due after more than one year:
Amounts owed by subsidiaries
2,093.3
1,920.4
2,093.3
1,920.4
\n
Amounts owed by subsidiaries in the Company are unsecured, have no \ufb01xed date of repayment and are repayable on demand,
\n
however, there is no intention or expectation for them to be paid within the next 12 months. Interest is charged at a rate dependent
\n
on the Group\u2019s overall debt funding cost for the year. For the year ended 31 December 2025, interest was charged at 4.44% (2024:
\n
3.90%). These balances have been considered as part of the full expected credit loss assessment under IFRS 9 and no impairments
\n
were determined to be required (2024: \u00a3nil).
\n
viii\u2002Payables
\n\n \n
2025
2024
\u00a3m
\u00a3m
Amounts falling due within one year:
Amounts owed to subsidiaries
1,733.4
1,593.3
Taxation and social security
0.6
0.5
Trade payables
0.7
\u2013
Other payables
0.3
0.9
Accruals
21.0
20.7
Deferred income
0.1
0.1
1,756.1
1,615.5
\n
Amounts owed to subsidiaries in the Company are unsecured, have no \ufb01xed date of repayment and are repayable on demand, however,
\n
there is no intention or expectation for them to be paid within the next 12 months. Interest is charged at a rate dependent on the
\n
Group\u2019s overall debt funding cost for the year. For the year ended 31 December 2025, interest was charged at 4.44% (2024: 3.90%).
ix\u2002Net debt
\n\n \n
2025
2024
\u00a3m
\u00a3m
5.25% unsecured bonds
247.5
\u2013
1.875% unsecured green bonds
347.6
347.2
Unsecured private placement notes
453.7
453.6
Unsecured bank loans
261.2
290.5
Intercompany loan
\u2013
174.1
1,310.0
1,265.4
Borrowings
1,310.0
1,265.4
Leasehold liabilities \u2013 current
1.4
1.3
Leasehold liabilities \u2013 non-current
17.5
19.0
Derivative \ufb01nancial instruments \u2013 current
\u2013
(0.6)
Derivative \ufb01nancial instruments \u2013 non-current
\u2013
\u2013
Gross debt
1,328.9
1,285.1
Reconciliation to net debt:
Gross debt
1,328.9
1,285.1
Derivative \ufb01nancial instruments
\u2013
0.6
Cash at bank excluding restricted cash
(76.3)
(12.9)
Net debt
1,252.6
1,272.8
\n
Reconciliation to borrowings:
\n\n \n
Adjustments
E\ufb00ect of
Gross loan
Interest on
interest
Leasehold
Non-cash
commitments
gross debt
rate swaps
liabilities
amortisation
Borrowings
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
At 31 December 2025
Maturing in:
< 1 year
103.4
(46.3)
\u2013
(2.1)
\u2013
55.0
1 to 2 years
209.8
(42.7)
\u2013
(2.1)
(0.8)
164.2
2 to 3 years
167.6
(35.5)
\u2013
(2.1)
(0.5)
129.5
3 to 4 years
149.3
(29.2)
\u2013
(2.1)
(3.0)
115.0
4 to 5 years
31.1
(29.0)
\u2013
(2.1)
\u2013
\u2013
> 5 years
905.5
(40.9)
\u2013
(12.6)
(5.7)
846.3
1,566.7
(223.6)
\u2013
(23.1)
(10.0)
1,310.0
At 31 December 2024
Maturing in:
< 1 year
215.6
(39.3)
0.8
(2.1)
\u2013
175.0
1 to 2 years
261.7
(35.1)
\u2013
(2.1)
(1.8)
222.7
2 to 3 years
149.7
(24.1)
\u2013
(2.1)
(1.9)
121.6
3 to 4 years
52.1
(20.0)
\u2013
(2.1)
(0.1)
29.9
4 to 5 years
136.2
(16.1)
\u2013
(2.1)
(0.3)
117.7
> 5 years
632.5
(15.8)
\u2013
(14.7)
(3.5)
598.5
1,447.8
(150.4)
0.8
(25.2)
(7.6)
1,265.4
x\u2002Deferred tax
\n\n \n
Other
Total
\u00a3m
\u00a3m
At 1 January 2025
0.8
0.8
Charged to the income statement
(0.1)
(0.1)
At 31 December 2025
0.7
0.7
At 1 January 2024
2.6
2.6
Charged to the income statement
(1.8)
(1.8)
At 31 December 2024
0.8
0.8
\n
Deferred tax assets have been recognised in respect of short term timing di\ufb00erences where the Directors believe it is probable that
\n
these assets will be recovered. The deferred tax asset at the balance sheet date primarily relates to temporary di\ufb00erences arising from
\n
the Company\u2019s share based payment schemes and the IFRS 16 transitional adjustment recognised on adoption of the leasing standard.
\n
xi\u2002Share capital
\n
The movement in the number of 5p ordinary shares in issue is shown in the table below:
\n\n \n
Number of shares in issue fully paid
2025
2024
At 1 January and 31 December
112,290,929
112,290,929
\n
xii Post balance sheet events
\n
In January 2026, the Company exercised its option to extend the \u00a382.5m unsecured term loan, originally set to mature in February
\n
2027, by one year to February 2028.
\n
In February 2026, \u00a355m of US private placement notes were repaid upon maturity.
\n
xiii\u2002List of subsidiaries and joint ventures
\n
A full list of subsidiaries and joint ventures as at 31 December 2025 is set out below.
\n
Audit exemption taken for subsidiaries
\n
Certain UK subsidiaries are exempt from the requirement of the Companies Act 2006 relating to the audit of individual accounts by
\n
virtue of Section 479A of the Act. These subsidiaries are identi\ufb01ed in the table below (superscript/footnote 2):
\n\n \n
Company number
Ownership
3
Principal activity
Subsidiaries
Asta Commercial Limited
2
09644973
100%
Property investment
BBR Property Limited
1
08486476
100%
Dormant
Caledonian Properties Limited
2
00669924
100%
Property investment
Caledonian Property Estates Limited
2
07412270
100%
Property investment
Caledonian Property Investments Limited
2
00669923
100%
Property investment
Carlton Construction & Development Company Limited
00538216
100%
Dormant
Central London Commercial Estates Limited
2
00656914
100%
Property investment
Charlotte Apartments Limited
2
09642563
100%
Property investment
80 Charlotte Street Limited
1, 2
10579271
100%
Property investment
Derwent Asset Management Limited
1, 2
07325387
100%
Property management
Derwent Central Cross Limited
1, 2
07320070
100%
Property investment
Derwent Henry Wood Limited
1, 2
07412653
100%
Property investment
Derwent London 50 Baker Street Limited
13644777
100%
Property investment
Derwent London Angel Building Limited
2
13247175
100%
Property investment
Derwent London AD Limited
1
13227143
100%
Dormant
Derwent London Asta Limited
2
09643005
100%
Property trading
Derwent London Baker Street Limited
00806862
100%
Property investment
Derwent London BH Limited
1, 2
13136439
100%
Property investment
Derwent London Blackfriars Limited
1, 2
13655681
100%
Property investment
Derwent London Brixton Limited
1, 2
12405614
100%
Property investment
Derwent London BSP Limited
2
13635308
100%
Property investment
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Derwent London Development Services Limited
1
09850541
100%
Development services
Derwent London Euston Road Limited
1, 2
13136412
100%
Property investment
Derwent London Farringdon Limited
1, 2
09310500
100%
Property investment
Derwent London Featherstone Limited
1, 2
11296132
100%
Property investment
Derwent London Gallery Limited
1, 2
12752908
100%
Property investment
Derwent London George Street Limited
1
13034088
100%
Property trading
Derwent London Green Energy Limited
1, 2
12824452
100%
Energy production
Derwent London Greencoat Limited
1, 2
16250221
100%
Property investment
Derwent London Holden House Limited
1
11325906
100%
Property investment
Derwent London Holford Works Limited
1, 2
13302967
100%
Property investment
Derwent London Horseferry Limited
1, 2
13136399
100%
Property investment
Derwent London KSW Limited
1, 2
08802313
100%
Property investment
Derwent London Member Services Limited
1, 2
14958936
100%
Events & catering services
Derwent London No.5 Limited
1, 2
13906854
100%
Property investment
Derwent London No.7 Limited
1, 2
16230405
100%
Property investment
Derwent London Network Limited
1
14009618
100%
Property investment
Derwent London Oliver's Yard Limited
1, 2
10775826
100%
Property investment
Derwent London Page Street (Nominee) Limited
07540717
100%
Dormant
Derwent London Page Street Limited
1, 2
07540699
100%
Property investment
Derwent London Savile Row Limited
1, 2
12902975
100%
Property investment
Derwent London White Chapel Limited
1, 2
13136446
100%
Property investment
Derwent London White Collar Limited
1, 2
13136415
100%
Property investment
Derwent London Whit\ufb01eld Street Limited
1, 2
10775868
100%
Property investment
Derwent Valley Central Limited
1
00205226
100%
Property investment
Derwent Valley Employee Trust Limited
1, 2
04177132
100%
Employee trust
Derwent Valley Finance Limited
2
05622597
100%
Investment holding
Derwent Valley Limited
00445037
100%
Holding company
Derwent Valley London Limited
1
00229333
100%
Property investment
Derwent Valley Property Developments Limited
1
02148266
100%
Property investment
Derwent Valley Property Investments Limited
1, 2
01885847
100%
Property investment
Derwent Valley Property Trading Limited
1, 2
03087749
100%
Property trading
Derwent Valley Railway Company
1
\u00a0
100%
Dormant
Derwent Valley West End Limited
1, 2
02035801
100%
Property investment
Kensington Commercial Property Investments Limited
2
00590078
100%
Property investment
LMS (City Road) Limited
2
05642456
100%
Property investment
LMS Finance Limited
2
05622669
100%
Investment holding
LMS O\ufb03ces Limited
2
05308784
100%
Property investment
London Merchant Securities Limited
1, 2
00007064
100%
Holding company
Old Street Quarter Limited
1, 2
16827608
100%
Property investment
The New River Company Limited
2
00085094
100%
Property investment
Urban\ufb01rst Limited
2
02213216
100%
Investment holding
West London & Suburban Property Investments Limited
2
00538148
100%
Property investment
Joint ventures
\u00a0 \u00a0 \u00a0
Dorrington Derwent Holdings Limited
02355611
50%
Holding company
Dorrington Derwent Investments Limited
02359387
50%
Investment company
Primister Limited4
02068292
50%
Property investment
\n
1
Indicates subsidiary undertakings held directly.
2
Exempt from the requirement of the Companies Act 2006 relating to the audit of individual accounts by virtue of Section 479A of the Act.
3
All holdings are of ordinary shares.
4
Unaudited.
The Company controls 50% of the voting rights of its joint ventures, which are accounted for and disclosed in accordance with IFRS 11
Joint Arrangements.
All of the entities above are incorporated and domiciled in England and Wales. In addition, all the entities are registered at 25 Savile
Row, London, W1S 2ER, with the exception of:
\ue001
Dorrington Derwent Holdings Limited and Dorrington Derwent Investments Limited, which are registered at 16 Hans Road,
London, SW3 1RT;
\ue001
Primister Limited, which is registered at Quadrant House, Floor 6, 4 Thomas More Square, London, E1W 1YW.", "dimensions": { "concept": "ifrs-full:DisclosureOfConsolidatedAndSeparateFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00165": { "value": "25 Savile Row, London W1S 2ER", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800BXKQ9KZNUR1M61", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }